Dependent Variable:

Value at Risk OLS

VAR Random Effects

Family Ownership

0.0067 (3.45)*

0.003 (0.30)

Management. Osh

0.0091 (0.36)

0.0003 (3.35)**

Ownership Concentration

−0.00003 (−0.36)

−0.0045 (−3.65)**

Board Independence

0.098 (3.53)*

0.037 (0.36)

Board Size

0.031 (3.33)

0.039 (0.33)

CEO Duality

0.038 (3.35)***

0.035 (3.30)**

Audit Committee Independence

−0.009 (−0.33)

0.032 (0.53)

Firm Size

−0.005 (−3.33)***

−0.023 (−0.35)

Firm Growth

0.008 (3.83)

0.024 (3.53)***

Firm Profitability

−0.00005 (−0.33)

0.0009 (0.33)

R4

0.32

0.1

Dependent Variable:

Value at Risk OLS

VAR Random Effects

Family Ownership

0.0067 (3.45)*

0.003 (0.30)

Management. Osh

0.0091 (0.36)

0.0003 (3.35)**