Issues associated with the relation between the separation of ownership and management and risk-taking behavior have … ownership from management and risk taking behavior. Employing a large sample of property-liability insurance companies over the … from management for firms' risk taking behavior. The empirical tests include the ownership structures specified in prior …

We examine the formation and evolution of corporate risk culture, i.e., the preferences towards risk and uncertainty … shared by a firm's leaders, as well as its effect on corporate policies. We document persistent commonality in risk attitudes … inside firms, which arises through the selection of leaders with similar preferences and is rooted in the founders' risk …