Do the Risk-averse Firms Confirm Enhanced Firm Value? Exploring the Managerial Ownership’s Moderating Effect

Abstract

The study aims to investigate the influence of corporate risk and the moderating effect of managerial ownership on the firm value of the Dhaka Stock Exchange listed manufacturing industries in Bangladesh. The study collected data from 144 manufacturing companies under ten industry categories from 2012–2021, where the total number of firm-year observations was 1,310. The study considers operational and liquidity risks to measure corporate risk. The study uses a two-stage-least square (2SLS) model estimation technique to run the multivariate analysis. The study found that firms’ operational risks, liquidity risks, and multiple effects of firms’ risk and managerial ownership significantly influence the firms’ value. It is also evidenced that firms’ size, age, shareholders’ influence, and GDP growth rate have a noteworthy positive influence on firm value. In contrast, no significant effect of the inflation rate on firm value was identified. The practical implications of the current study demonstrated that corporate risk management enhances firm value and must be invigorated for the interest of all stakeholders. Interestingly, there needs to be more research on identifying the impact of corporate risks on firm value from the perspective of manufacturing industries in Bangladesh. The current study is designed to reduce the research gap and enhance the literature. The research has several financial, legal, and social implications for policymakers, practitioners, and other stakeholders.

Keywords

Operational risks liquidity risks Altman’s Z score manufacturing industry firm value

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