shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is …. Furthermore, this study finds that celebrity shareholders had a greater impact on corporate risk among firms with no independent … directors, a high proportion of management shareholders, a low proportion of institutional investors and those belonging to the …

shareholders. As a result, these directors have incentives to go along with controllers' wishes, or, at least, inadequate … that allows policymakers to produce the precise balance of power between controlling shareholders and public investors that …