AL-Shboul, Moh'd Anwe
A icle
Be e unde s anding o execu i e manage s' ea u es e ec on small-
and medium-sized se ice i ms' isk- aking using mul iple ac o s as
con ol a iables: esh insigh s om eme ging ma ke s
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: AL-Shboul, Moh'd Anwe (2024) : Be e unde s anding o execu i e manage s'
ea u es e ec on small- and medium-sized se ice i ms' isk- aking using mul iple ac o s as
con ol a iables: esh insigh s om eme ging ma ke s, Cogen Business & Managemen , ISSN
2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-24,
h ps://doi.o g/10.1080/23311975.2024.2327100
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/326140
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Cogen Business & Managemen
ISSN: 2331-1975 (Online) Jou nal homepage: www. and online.com/jou nals/oabm20
Be e unde s anding o execu i e manage s'
ea u es effec on small- and medium-sized
se ice fi ms' isk- aking using mul iple ac o s as
con ol a iables: esh insigh s om eme ging
ma ke s
Moh'd Anwe AL-Shboul
To ci e his a icle: Moh'd Anwe AL-Shboul (2024) Be e unde s anding o execu i e
manage s' ea u es effec on small- and medium-sized se ice fi ms' isk- aking using mul iple
ac o s as con ol a iables: esh insigh s om eme ging ma ke s, Cogen Business &
Managemen , 11:1, 2327100, DOI: 10.1080/23311975.2024.2327100
To link o his a icle: h ps://doi.o g/10.1080/23311975.2024.2327100
© 2024 The Au ho (s). Published by In o ma
UK Limi ed, ading as Taylo & F ancis
G oup
Published online: 08 Ap 2024.
Submi you a icle o his jou nal A icle iews: 592
View ela ed a icles View C ossma k da a
Ci ing a icles: 4 View ci ing a icles
Full Te ms & Condi ions o access and use can be ound a
h ps://www. and online.com/ac ion/jou nalIn o ma ion?jou nalCode=oabm20
ManageMen | ReseaRch aR icle
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2327100
Be e unde s anding o execu i e manage s' ea u es e ec on
small- and medium-sized se ice i ms' isk- aking using mul iple
ac o s as con ol a iables: esh insigh s om eme ging ma ke s
Moh'd anwe al-shboul
King alal school o Business echnology Business adminis a ion Depa men , P incess sumaya uni e si y o echnology
(Psu ), al-Jubaiha, amman, Jo dan
ABSTRACT
he cu en s udy aims o measu e he e ec o execu i e manage s (eMs) ea u es on
he isk- aking le el in Jo danian small- and medium-sized se ice i ms. Fo da a
analysis pu poses, o dina y leas squa es eg ession analysis was u ilized. We used he
sc eening sample app oach. a sample o 72 small- and medium-sized se ice i ms was
u ilized o collec he da a, such as heal h ca e, consume goods, elec ical and
echnology, media and en e ainmen , and ou ism/ho els, no ing ha hese i ms we e
lis ed on he amman s ock exchange/Jo dan in he pe iod be ween 2018 and 2022
using a quan i a i e me hod and eg ession analysis echnique. he s udy used speci ic
ea u es o eMs. We applied he o mula 'RisKi, = β0 + β1gDRi, + β2age i, + β3QUal
i, + β4eXPi, + β5OWn i, + β6DUal i, + β7 enRi, + β8ROa i, + β9BMV i, + β10siZe
i, + β11leV i, + β12liQi, + β13 R&D i, + ε………(1)'. o measu e he isk- aking deg ee in
sMe se ice i ms, he e u n on asse s (ROa) s anda d de ia ion (sD) coe icien was
u ilized using he Pea son co ela ion coe icien among all he s udy a iables. he
esul s con eyed ha he e is a subs an ial nega i e associa ion be ween expe ience,
owne ship, isk- aking, and he quali ica ions o eMs. Mo eo e , he eM's enu e and he
se ice i ms' deg ee o isk- aking we e p o en o ha e a signi ican posi i e ela ionship.
Finally, gende , age, he duali y o eMs, and isk- aking deg ee we e deemed un ela ed.
1. In oduc ion
he me hod o es ablishing and de ining business s a egies, as well as hei aspec s, which would in lu-
ence he i m's in e ac ion wi h he dynamic and ola ile se ings in which i wo ks, has been demon-
s a ed by se e al p io s udies in he li e a u e (e.g. gup a e al., 2022; loukil & Yous i, 2022; Yous i e al.,
2022). he pa icipa ion o execu i e manage s (eMs) in his p ocess is signi ican and e ec i e. i has
only examined how eMs a ec s isk in a small numbe o esea ch (a ayah e al., 2022; genga ha an
e al., 2020; Ma ino e al., 2020). acco ding o loukil and Yous i (2022), o ins ance, eMs wi h s ong
a ibu es and managemen philosophies a e mo e likely o adjus o eme ging ma ke shi s in de el-
oped na ions han in de eloping ones. his implies ha eMs in de eloped na ions a e mo e likely o
emb ace and in es in p oac i e, iskie ini ia i es inside hei companies. Benischke e al. (2019) looked
a he link be ween di e si y and he powe cha ac e is ics o eMs, whe eas Bouslah e al. (2018) unde -
lined ha eMs' powe ea u es a e impo an and based on hei isk op ions: i hey lean owa d
isk-a e seness (i.e. isk- ake s), his indica es ha hey a o egula and con en ional p ojec s (i.e. isky
ye inno a i e). addi ionally, hey p o ide e idence ha eMs wi h unique managemen s yle a ibu es
media e he ela ionship be ween eMs' isk- aking beha io s and emune a ion in eme ging ma ke s; in
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT Moh'd anwe aL-shboul [email p o ec ed] King alal school o Business echnology Business adminis a ion
Depa men P incess sumaya uni e si y o echnology (Psu ) P.o. Box 1438 al-Jubaiha, amman, Jo dan
h ps://doi.o g/10.1080/23311975.2024.2327100
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 8 May 2023
Re ised 24 Feb ua y 2024
accep ed 27 Feb ua y
2024
KEYWORDS
eM's ea u es; isk- aking;
co po a e go e nance;
se ice i ms;
pe o mance; Jo dan
REVIEWING EDITOR
Ma ia ga cia-ha o,
Uni e si y o cas illa-la
Mancha: Uni e sidad de
cas illa-la Mancha, spain
SUBJECTS
en ep eneu ship and
small Business
Managemen ;
adminis a ion and
Managemen ;
Managemen &
O ganiza ion
2 M.a. al-shBOUl
con as , sunde e al. (2017) no ed ha eMs who success ully emb ace inno a ions would possess ce -
ain a ibu es, such as being mo e e ec i e, open-minded o emb acing new ideas in hei o ganiza-
ions, and in es ing mo e in R&D in i ms loca ed in eme ging ma ke s.
acco ding o ecen esea ch conduc ed by a ayah e al. (2022), eMs wi h longe expe ience end o
be ewe isk- ake s, less isk-a e se s a egis s, and less isk-a e se decision-make s han non- enu ed
p o essionals in eme ging ma ke s. Meanwhile, Ma ino e al. (2020) no ed ha some cha ac e is ics
o eMs, such as a high deg ee o schooling and a leng hy ca ee ho izon, a e impo an p edic o s o
isk- aking in eme ging ma ke s g ea e han in de eloped ma ke s. he e o e, hese s udies p o ided
e idence and sugges ed ha eM p o iles migh in luence isk- aking; in con as , a e y small numbe o
s udies examined he in luence o eM ai s on a i m's isk- aking in eme ging ma ke s. he in luence o
eM demog aphic ai s on business isk- aking in chinese ini ial public o e ings (iPOs) was highligh ed
by Fa ag and Mallin (2018). hei esea ch demons a ed ha eMs who a e younge , ha e sho e en-
u e, and ha e had excellen educa ion a e mo e likely o ake isks in hei o ganiza ions. in addi ion,
hei s udy e ealed ha ew emale eMs a e isk-ad e se. addi ionally, gup a e al. (2022) no ed ha
eMs wi h incen i e p og ams in place o chinese sMes would see a ise in hei companies' inno a ion
ini ia i es as well as ac i i ies like R&D spending, inno a ion pe o mance, and sales o new p oduc s.
On he o he hand, eMs wi h ad anced deg ees and s ong poli ical ela ionships boos hei companies'
inno a ion e o s and g ow h-o ien ed p ojec s in eme ging ma ke s. o assis he boa d o di ec o s and
sha eholde s in assigning and choosing he bes eMs o hei companies, he goal o his s udy is o
de e mine he isk p o ile o eMs.
his s udy, in con as o o he esea ch, examines he impac o eMs' cha ac e is ics, namely hei age,
gende , expe ience, owne ship, dual na u e, and enu e, on hei willingness o ake inancial and s a egic
isks in eme ging ma ke s. he majo i y o ea lie esea ch on isk- aking in he li e a u e has chosen o e al-
ua e isk- aking om a inancial o s a egic pe spec i e (e.g. loukil & Yous i, 2022; Ma ino e al., 2020,
Benischke e al., 2019) in de eloped coun ies, while his s udy was conduc ed on Jo dan as de eloping and
eme ging ma ke . none heless, Ma ch and shapi a's (1987) in es iga ion demons a ed a s ong co ela ion
be ween eM ai s and isk- aking. Resea ch by lipson e al. (2009) and Be k e al. (1999) indica es ha high
g ow h p ospec s a e posi i ely co ela ed wi h low isks in eme ging ma ke s; howe e , Bhaga and Welch's
(1995) s udy no es ha inno a ion ini ia i es exhibi a signi ican deg ee o esul unce ain y.
Based on he da a we ha e, his s udy is ega ded as essen ial in add essing he issue o how eM
ai s a ec he isk- aking o sM se ice i ms in eme ging ma ke s. i is ca ied ou on publicly aded
i ms in Jo dan, a g owing and eme ging na ion. his analysis uses a b oade a ie y o isk- aking p ox-
ies han he s udy by Ma ino e al. (2020), which ocused on pe o mance a iabili y, namely he s an-
da d de ia ion o obin's Q, as a p oxy o he i m's isk- aking. consis en wi h he esea ch conduc ed
by Benischke e al. (2019), his in es iga ion aims o di e en ia e isk- aking choices abou inance,
in es men p ospec s, and company expansion in eme ging ma ke s. We ga he ed eM ea u es be ween
2018 and 2022 since he s udy's sample includes eMs' ea u es ac oss a longe ime han Benischke
e al. (2019) do, which is hough o be use ul in o ma ion abou hem. Yes, a g ea deal o ea lie
esea ch. addi ionally, se e al ea lie s udies, including hose by Yous i e al. (2022), loukil and Yous i
(2022), and a ia e al. (2020), showed ha o e 50% o he companies lis ed on he sBF120 index
had duali ies in hei o ganiza ional s uc u es and iola ed he nRe legisla ion. he in oduc ion o he
cop'e-Zimme mann law in 2011 some imes e e ed o as he F ench gende quo a law, inc eased p es-
su e on lis ed companies o di e si y hei op-le el managemen oles, acco ding o esea ch by loukil
and Yous i (2022). hus, om 2001 o 2013, less han 0.3% o sBF120 eMs we e emale, a esul o he
g owing numbe o emale eMs nomina ed o he boa d o di ec o s. since Ma ino e al. (2020) limi ed
hei in es iga ion o amily-con olled businesses in i aly; we chose o do a mo e ho ough analysis o
amily businesses, which a e common in bo h na ions, o cla i y hei unique cha ac e is ics. o pu i
b ie ly, he eM p o iles a e no always di e se because hey migh come om he same social ne wo ks
and ha e many o he same cha ac e is ics. he eMs a e no belie ed o pose a se ious h ea o he
company, especially when i comes o aking s a egic isks, as hey ypically appea o be iends wi h
o o me boa d membe s. Finally, ye impo an ly, la Po a e al. (2002) no ed ha a la ge numbe o
F ench businesses ely on highly concen a ed owne ship wi h se e al iden i y owne s. in he majo i y
o hese businesses, he e is a single owne who has he majo i y s ake and may ac oppo unis ically
cOgen BUsiness & ManageMen 3
a he expense o he mino i y sha eholde s, which migh aise isk- aking o an ex eme deg ee. in his
s udy, we adop ed he Bsoul e al. (2022) model bu ocused on and conduc ed only on he sMe se ice
i ms in Jo dan as an eme ging economy o collec accu a e in o ma ion in only one sec o a he han
using bo h sec o s as done by Bsoul e al. s udy.
hus, his esea ch adds o he body o knowledge by examining he connec ion be ween he demo-
g aphics o he eM and sM se ice i ms' willingness o ake chances in eme ging ma ke s. his s udy is
conside ed as bene icial o sha eholde s, who a e always looking o sui able chie execu i e o ice s o
choose om, especially hose who a e highly skilled and in o med in se ice o ganiza ions in Jo dan, a
de eloping na ion. he e o e, hey a e making use o hei iches and imp o ing Jo dan's place in he
in e na ional economy. he p esen s udy cen e s on he signi icance o eMs' ea u es (i.e. gende , age,
quali ica ions, e c.) in luence on small and medium-sized se ice i ms' isk- aking using mul iple ac o s
as con ol a iables in Jo dan as an eme ging ma ke . hus, his s udy aims o close se e al esea ch
gaps, as demons a ed in he ollowing poin s:
• he assessmen o business and managemen li e a u e did no add ess he main pa s o he
esea ch ha a e unique o he peculia i ies o eMs (gende , age, c eden ials, e c.) e ec on he
isk- aking o small and medium-sized se ice en e p ises in Jo dan, an eme ging coun y.
• Ve y ew s udies ha e been applied o eme ging na ions; he majo i y o s udies on his opic has
been conduc ed in de eloped na ions and ocused on manu ac u ing i ms a he han se ice.
• While mos o he ea lie s udies did no employ mul iple ac o s as con ol a iables, some o hem
hough ha he ea u es o eMs (i.e. gende , age, c eden ials, e c.) we e a bene i and a o mula
ha , i applied, may ha e a bene icial in luence on small and medium-sized se ice en e p ises'
isk- aking in Jo dan as an eme ging ma ke . Fu he mo e, using hem in one model o include some
con ol a iables has no been he subjec o much esea ch.
he p esen s udy was buil upon he subsequen componen s: he li e a u e is included in sec ion2,
he s udy echnique is shown in sec ion 3, and he da a collec ion p ocess is analyzed in sec ion 4. he
s udy's limi s, esul s, and sugges ions a e inally p esen ed in sec ion 5.
2. Li e a u e e iew
2.1. Adop ion o ai heo y
go don allpo was an ea ly pionee in he s udy o ai s. his ea ly wo k was iewed as he beginning
o he mode n psychological s udy o pe sonali y. he ai heo y o pe sonali y p oposes ha people
ha e speci ic and dis inguished ea u es and ai s, and i will s eng hen and in ensi y hose ai s ha
accoun o pe sonali y di e ences. he e o e, he ai app oach is conside ed one o he main heo ies
o explo e and s udy pe sonali y. ai heo y p oposes ha indi idual pe sonali ies a e a compound o
b oad disposi ions (Fajkowska & K ei le , 2018). hus, a ea u e in a pe sonali y is conside ed a ea u e
ha mee s h ee c i e ia: i should be consis en , s able, and a y om one pe son o ano he . Based on
his de ini ion, an eM ea u e can be hough o as a ela i ely s able ea u e ha causes eMs o beha e
in ce ain ways in eme ging ma ke s (Wo hy e al., 2020). in he li e a u e, he e a e ou ai heo ies
o pe sonali y as ollows: allpo 's ai heo y, ca ell's 16- ac o pe sonali y model, eysenck's
h ee-dimensional model, and he i e- ac o model o pe sonali y. in his s udy, we will ocus only on
se en ac o s ems's gende , age, expe ise and expe ience, owne ship, duali y, and enu e a e indepen-
den a iables, while, he dependen a iable will be isk- aking, which includes he s anda d de ia ion
o he i m's e u n on asse a io (ROa). he e is a consensus among mos heo is s and psychologis s
ha mos people can be desc ibed based on hei pe sonali y ai s. s ill, he e a e many heo is s, who
con inue o deba e he numbe o speci ic and basic ai s ha o mula e human pe sonali y. While ai
heo y has an objec i i y ha some pe sonali y heo ies lack (such as F eud's psychoanaly ic heo y), i
also has weaknesses. he e a e many common c i icisms o ai heo y ha ocus on he ac ha ai s
a e o en poo p edic o s o beha io . i migh be ound ha some indi iduals ha e high sco es on some
speci ic assessmen s o some speci ic ai s, which means ha some o hem may no always beha e
4 M.a. al-shBOUl
ha way in e e y si ua ion. addi ionally, ai heo ies do no add ess how o why indi idual pe sonali y
di e ences de elop o eme ge in eme ging ma ke s.
2.2 Theo e ical pe spec i es
his s udy's discussion abou he ela ionship be ween eM ea u es in small and medium se ice i ms in
eme ging ma ke s and isk- aking will be based on h ee heo e ical iewpoin s. his includes he uppe
echelons heo y, which p oposes ha di ec o s' ea u es, s anda ds, and specialized backg ound a ec
hei iews and, consequen ly, hei own judgmen s (Fa ag & Mallin, 2018; sande s & hamb ick, 2007). in
addi ion, hei social, psychological, and beha io al ea u es and ai s (a ia e al., 2020; Yusu e al.,
2022) mainly in luence he decisions hey make. simila ly, his heo y assu es ha he a ionali y o eMs
owa d decision-making is con olled by hei cogni ion. acco dingly, based on he backg ound ea u es
o he eMs, some o he long- e m choices along wi h he le el o pe o mance can be p edic ed in
eme ging ma ke s (Zhang & Rajagopalan, 2010). addi ionally, p io esea ch has depended on his heo y
in examining he ela ionship be ween eM ea u es and o he aspec s ela ed o decision-making in
eme ging ma ke s. hese include bu a e no limi ed o isk- aking (gala & Kashmi i, 2022), esea ch and
de elopmen (R and D) spending (Vo e al., 2021), i m akeo e (li & ang, 2010); inno a ion (chen &
Zheng, 2014); inancial disclosu e (he mann & Da a, 2006), and he beha io o cash holdings
(huang, 2013).
second, he ' esou ce dependence heo y' (RD ) indica es ha ha ing boa d membe s wi h di e se
skills and knowledge aids in inc easing i ms' legi imacy and access o esou ces and expe ience (P e e
& salancik, 1978). hus, he esea che s p opose ha a ious eM ea u es (i.e. age and educa ion) can
help in o ming di e se backg ounds o boa ds. o u he explain, ha ing emale eMs as membe s o
he boa d o e di e se esou ces and knowledge o he i m o e all bene i (Ba ke & Muelle , 2002).
hi d, based on he 'human skills and capi al' heo e ical poin o iew, an indi idual's expe ience,
knowledge, educa ion, and skills, is a i al ac o in o ming his/he pe cep ions and le el o p oduc i i y.
hence, his a ec s he i m's o e all pe o mance in eme ging ma ke s (De a ajan e al., 2022).
consequen ly, ha ing di e se human capi al o di e se backg ounds and knowledge means ha ing di -
e en expe iences on a pa icula boa d o di ec o s (Vo e al., 2021). simila ly, acco ding o Yous i e al.
(2022), ha ing he e ogeneous boa ds is much be e han ha ing homogeneous ones in e ms o pe o -
mance. an example is ha ing a emale boa d o di ec o membe s since hey ha e di e en pe cep ions
han males. hence, Fa ag and Mallin (2018) ensu e ha he e ogeneous boa ds display highe quali y o
managemen and he abili y o o e come challenges imposed by he ex e nal en i onmen in eme ging
ma ke s. Figu e 1 shows he concep ual amewo k wi h all he men ioned a iables used in his s udy.
able 1, which illus a es he su ey's in o ma ion ha includes all a iables/dimensions, eliabili y alues,
no o ques ions, sou ces, and abb e ia ions.
2.3. EMs' demog aphic ea u es and se ice i ms' isk- aking
he le el o compe i i eness displayed by a company o o ganiza ion is a esul o a ious decisions
made by hose who a e esponsible in eme ging ma ke s. Mos o hem a e by eMs. Mo eo e , in a
highly dynamic and compe i i e en i onmen , manage s ha e o make isky decisions in o de o su i e
o maximize pe o mance in eme ging ma ke s (hoskisson e al., 2017). acco ding o he uppe -echelon
heo y, such decisions made by eMs ha e o be socially and psychologically based on he ea u es o
eMs. Fu he mo e, p io esea ch has a emp ed o examine he ela ionship be ween eM ea u es and
demog aphic ea u es and aking isks. among hose ea u es ha we e examined we e age, educa ion,
gende , enu e, duali y, owne ship, and p o essional expe ience.
2.3.1. EMs gende
o discuss his u he om he esou ce dependence heo e ical poin o iew, ha ing emale di ec o s
in he boa d p esen s di e se pe cep ions and backg ounds. Despi e con ibu ing o 39% o he global
cOgen BUsiness & ManageMen 5
wo k o ce, because o a s udy conduc ed in 2021 by he Wo ld Bank, i is a ely ha we ind emales
gaining leade ship posi ions in eme ging ma ke s. likewise, Fo bes men ioned ha by 2021, 8% o
women would lead he wo ld's la ges 500 businesses, while men hold op posi ions being he majo i y
(ghazi, 2022).
no ing ha he pe cen age o emale di ec o s is much less han he males, many p e ious s udies
ha e a emp ed o measu e he ex en and willingness o isk- aking o emale di ec o s in compa ison
wi h males in eme ging ma ke s. Po ayed by Muhammad e al. (2022) s udy whe e hey s udied
one-hund ed and nine y wo non- inancial publicly aded i alian en e p ises du ing he ime pe iod
be ween 2014 and 2018 as a sample. as hey s udied he mode a ing e ec o boa d gende di e si y
on he associa ion among i m go e nance ea u es (i.e. he boa d size, eMs gende , boa d indepen-
dence, owne ship concen a ion, and eMs duali y) and i m isk- aking in eme ging ma ke s. he esul s
indica ed ha emale execu i es a e less willing o ake- isks han male execu i es a e in eme ging ma -
ke s. simila ly, a s udy by Vo e al. (2021) based in Vie nam examined he impac o eMs gende on isk
and pe o mance in eme ging ma ke s. Whe e hey ook all publicly aded i ms lis ed on Vie nam's wo
Figu e 1. Concep ual amewo k o he s udy. (sou ce: au ho 's own wo k).
Table 1. illus a es he su ey's in o ma ion ha includes all a iables/dimensions, eliabili y alues, #. o ques ions,
sou ces, and abb e ia ions. (sou ce: au ho s' own wo k).
Va iables/dimensions abb e ia ion C onbach's α
#. o
ques ions sou ce
Dependen a iable: small and medium-sized se ice indus ies' isk- aking
Le e age a io o i m LeV 0.871 3 De eloped by au ho s
Ra io o cu en asse s o cu en liabili ies LiQ 0.862 5
g ow gRoW 0.910 4
Resea ch and de elopmen R&D 0.789 3
independen a iable: eMs ea u es
gende gDR 0.823 4 De eloped by au ho s
age age 0.857 5
Quali ica ion QuaL 0.811 3
expe ise eXP 0.842 4
owne ship oWn 0.793 4
Duali y DuaL 0.873 4
enu e enR 0.915 5
Con ol a iables
Re u n-on-asse s Roa 0.779 3 De eloped by au ho s
book- o-ma ke alue a io BMV 0.822 4
size siZe 0.879 4
6 M.a. al-shBOUl
s ock exchanges as a sample o he s udy, du ing he ime om 2007 o 2015. hei s udy concluded
ha men ha e mo e con idence han women do, he e o e, i ms led by emale di ec o s' ace less idio-
sync a ic and sys emic isks. Mo eo e , hey concluded ha emale eMs achie e highe p o i abili y han
male eMs, as emale eMs b ing mo e alue o he o ganiza ions due o hei unique pe spec i es and
wo ks yles in eme ging ma ke s. howe e , o he s udies ha e an opposing iew. Whe e a s udy inco po-
a ing a sample o eigh -hund ed and nine y wo ini ial public o e ing (iPOs) lis ed on he shanghai and
shenzhen s ock exchanges by saeed and Ziaulhaq (2019), has a emp ed o measu e he impac o gen-
de on aking isks. his s udy ound emale eMs ha e g ea owa ds isk- aking and a e no a aid o do
so. Ye , o he s udies ound no signi ican co ela ion be ween gende and aking isks. an example is
aabo and e iksen (2018) s udy, which inco po a ed 475 Us manu ac u ing i ms as a sample du ing he
ime om 2010 o 2014. Finally, Faccio e al. (2016) a emp ed o s udy he same co ela ion du ing he
ime pe iod be ween 1999 and2009 h ough aking 132,590 i ms om 41 amadeus coun ies as a sam-
ple. Whe e hey ound ha gende has an in luence on isk- aking as hey sugges ed ha emale eMs
a e keen o p ese e hei posi ions, he e o e hey a oid isk. hence, hei i ms can expe ience lowe
le e age a ios and less ola ile ea nings.
2.3.2. EMs age
he co ela ion be ween eMs gende , quali ies, and isk aking has been he cen e o a en ion o p io
esea ch. Fo example, younge eMs a e cha ac e ized by being less expe ienced and knowledgeable,
hence hey ocus on g ow h h ough aking iskie endea o s in eme ging ma ke s (Be and & schoa ,
2003). in addi ion, hey make iskie decisions in o de o s i e hei b ands' posi ions in he i m. in
con as , olde eMs a e seen as mo e adi ional in aking decisions and hei managemen s yle in gen-
e al, hence hei isk- aking is lowe (hamb ick & Mason, 1984). Despi e his, he linkage be ween eMs
gende and willingness o ake isks p oduced con lic ing esul s among esea ches. Whe e loukil and
Yous i (2022) has s udied his ela ionship among non- inancial i ms ha a e lis ed on singapo e's
sBF120 index du ing he ime pe iod be ween 2001 and 2013. he s udy ound h ough u ilizing he
business le e age a io ha a ela ionship be ween he a iables exis s, due o he eason ha he sam-
ple eMs we e mo e inclined o indeb i ms, which can be ela ed o hei age being possibly in hei
40s o 55 yea s old on a e age.
in a s udy in Malaysia in he ime pe iod be ween 2009 and 2017, u ilizing 6169 publicly aded com-
panies as a sample, by Yeoh and hooy (2020). hey ound ha amily businesses eMs ha e highe will-
ingness o ake isks while hey a e s ill young, o in hei 60s. howe e , hose same eMs ha e less
willingness o ake isks conce ning in es men when in hei 40s.
howe e , a s udy by Fe is e al. (2019) showed ha he e is a nega i e linkage be ween eM's age and
i ms' willingness o ake isks, hey examined a sample o 12,000 du ing he ime pe iod be ween 1999
and 2012. Ye , a s udy in china by alqa amin e al. (2017) sugges ed ha younge eMs a e mo e o isk
ake s han senio ones. Whe eas, Muhammad e al. (2022) s udy ound a signi ican posi i e co ela ion
be ween eMs age and inancial isk- aking in eme ging ma ke s. Ye , De a ajan e al. (2022) s udy in he
Uni ed s a es ound no co ela ion be ween eMs age and i m isk- aking.
2.3.3. EMs quali ica ions
he le el o educa ion o eMs has an e ec on nume ous ideas, iewpoin s, and specialized ad ance-
men s in a i m, i s boa d, and choices in eme ging ma ke s (ande son e al., 2011). a g ea numbe o
p io esea ch (e.g. li e al., 2018; Qawasmeh & azzam, 2020; saeed & Ziaulhaq, 2019) sugges ed ha
highly educa ed eMs a e mo e capable o dealing wi h new echnology and ideology in addi ion o
comp ehending complex challenges and si ua ions. hence, hey look o inno a i e businesses and
in es men oppo uni ies, which a e cha ac e ized wi h being open o de elopmen oppo uni ies in
eme ging ma ke s. Ye , he esul s abou his opic a e highly con lic ing. Fu he mo e, Ma ino e al.
(2020) showed in hei s udy esul s om a sample o 107 i alian amily businesses lis ed on he Milan
s ock exchange. Whe e hey s udied he e ec s o eM ea u es on he long- e m isk- aking. hey also
demons a ed ha he le el o p o essional educa ion ha an eM has is nega i ely s ongly associa ed
wi h sMe se ice i ms' isk- aking. Which a e esul s ha Fa ag and Mallin's (2018) disag ee wi h, as hey
cOgen BUsiness & ManageMen 7
concluded ha , a s ong and posi i e link be ween eMs educa ion and i m isk- aking exis s, aking
china as he case. On he o he hand, eMs le el o educa ion is posi i ely co ela ed wi h he capaci y
o amily businesses o in e na ionalize (Ramón-llo ens e al., 2017). hei esul s we e based on esea ch
done du ing he ime pe iod o Feb ua y and Ma ch 2011, whe e hey ook a sample o 187 spanish
amily-owned i ms. Finally, acco ding o loukil and Yous i's (2022), hey ound no connec ion be ween
isk- aking and an eM's educa ional backg ound. hus, hey sugges ed ha pos g adua e eMs educa-
ional le el has mino e ec on he ola ili y o s ock e u ns.
2.3.4. EM expe ise and expe ience
acco ding o loukil and Yous i (2022) s udy, eMs who ha e p io expe ience (in yea s), since hey a e
mo e open-minded, like challenges, and suppo inno a ion, hey will be mo e likely o make haza dous
decisions and ideas in eme ging ma ke s. hey a e also excellen a handling no el and dange ous con-
cep s. Fu he mo e, he mann and Da a (2006) s udy assu ed ha he eM's expe ience (in yea s) ac as
a eliable indica o o he eM's knowledge, alues, and skills as well as a use ul example o he eM's
ac i i ies and s a egic choices in eme ging ma ke s. hus, he mo e expe ienced eMs a e o wo king o
o he o ganiza ions, he mo e inclined hey a e o make decisions om a mo e gene al pe spec i e
(Zhang & Rajagopalan, 2010).
simila ly, O ens and Reheul (2013) concluded in hei analysis ha i ms wi h eMs who ha e pas wo k
expe ience (in yea s) ended o ha e lowe le e age a ios, meaning hey expe ienced less isks in eme g-
ing ma ke s. Ye , Ma ino e al. (2020) s udy assu ed ha eMs o i alian amily en e p ises o isk- aking
canno be connec ed o hei le el o pas expe ience (in yea s). Fu he mo e, Fa ag and Mallin (2018)
disco e ed a subs an ial posi i e linkage be ween sMe se ice i ms' isk- aking and eMs' expe ience (in
yea s) in eme ging ma ke s. Whe e hey concluded in hei s udy ha ha ing, p io expe ience (in yea s)
means aking ad an age o oppo uni ies, being open, inno a i e, and in e es ing o ake- iskie
endea o s.
2.3.5. EM owne ship
agency heo is s belie e -as men ioned by Jensen and Meckling's (1976) s udy – ha he e is one way
o maximize and le e age he sha eholde s' equi y and educe agencies' cos s is by encou aging i ms'
di ec o s o own hei i ms' equi y. hus, his can be achie ed by compensa ing he eMs wi h he i m's
equi y. he e o e, he eMs who a e in e es ed and would like le e age and maximize hei e u n on
equi y can go ahead wi h owning he i m's equi y, which migh induce hem o in es in alue-enhancing
ini ia i es, and his could bene i he i m in he long- un in eme ging ma ke s (Jenkins & seile , 1990).
in his way, mos eMs can inc ease hei e u ns h ough he acquisi ion o la ge owne ship, which leads
hem o ha e s onge mo i es o unde ake isky in es men s a he han non-sha eholding eMs (lae en
& le ine, 2009). his means ha high owne ship o eMs migh encou age ex eme pe o mance and
in ol emen in isky ac i i ies, exposing, he e o e, i ms migh ace high losses (sande s & hamb ick,
2007; Vo e al., 2021).
howe e , conside ing he agency heo is s' pe spec i e, pe mi ing manage s o own hei i ms' s ock
is an e ec i e way o inc ease sha eholde s' equi y and dec ease agency p icing (Zhang, 2009). Which
could be accomplished h ough p o iding di ec o s wi h compensa ion om he i m equi y. hence,
because hey hold he i m's equi y, eMs would be d i en o inc ease hei ROa in eme ging ma ke s.
his is supposed o mo i a e hem o ake ac ions in ega ds o in es ing in ini ia i es ha would add
alue and p o i able o he o e all bene i o he company (Jenkins & seile , 1990). When i comes o
he agency heo is s, hey claim ha eMs owne ship in luences he alignmen be ween eMs and sha e-
holde s' in e es s in eme ging ma ke s (Jensen & Meckling, 1976). hence, modi ica ions o eMs isk- aking
pe cep ions can occu (Bea y & Zajac, 1994). co espondingly, eMs would ake ad an age o oppo uni-
ies p esen in he eme ging ma ke in o de o boos pe o mance and exploi in es men choices in a
iskie manne (May, 1995).
in a s udy du ing he ime pe iod om 2009 o 2019, Kau and singh (2019) examined he conse-
quence o eM owne ship on isk- aking, h ough aking 12 nige ian lis ed deposi money banks as he
sample o he s udy. hey demons a ed ha he owne ship powe o eMs has a signi ican ly posi i e
14 M.a. al-shBOUl
o he Jo danian businesses. Whe e he analysis o 72 sMe se ice i ms lis ed on he amman s ock
exchange (ase) in Jo dan coun y showed a nega i e and signi ican linkage be ween eM's quali ica ions,
expe ience, and owne ship and sMe se ice i ms' o ake isks. On he o he hand, eM enu e and i m
ake isks we e ound o ha e a posi i e signi ican co ela ion. likewise, he analysis showed ha eM's
gende , age, duali y, and isk- aking a iables a e un ela ed.
4. Resul s and discussion
4.1. Desc ip i e s a is ics
Fo ou a iables in his s udy, able 3 summa izes he desc ip i e s a is ics as illus a ed below. in ega ds
o he dependen a iable, RisK, he sample i ms' a e age ROas o e a 5-yea pe iod, which assesses he
isk- aking o eMs' o i ms ha hey ha e aced, a ied on a e age by 7.38% wi h an sD o 9.72%. his
p oposes ha he p opensi y o isk- aking o eMs' among hese i ms a ies. he sampled i ms' a e age
and minimum le els o isk- aking we e 0.12% and 82.65%, espec i ely.
able 3 demons a es ha men make up abou 96.34% o he isk- aking o eMs in he sMe se ice
i ms in eme ging ma ke s ha we e aken as a sample o his s udy. his may be linked o he ac ha
he Jo danian cul u e does no p e e women holding such oles. his goes in line wi h he s udy ind-
ings o alqa amin e al. (2017), as hey concluded ha he isk- aking o eMs' ound by men, which is
managed by 94% o he Jo danian i ms in he eme ging ma ke s hey s udied, applies o o he na ions
and coun ies wo ldwide. an example is, in he UK and he Usa, emale isk- aking o eMs makes up jus
app oxima ely 6% o he o e all o al isk- aking o eMs, while in he Uni ed a ab emi a es, a u he 5%
is accoun ed o , acco ding o he 2012 g an ho n on in e na ional Business Repo . On he o he hand,
conside ing eMs' ages, he younges eM is 31 and he oldes is 83. hese insigh s a e close o hose
demons a ed by alawaqleh e al. (2021), who ound ha he a e age isk- aking age o eM is 51.31 yea s.
in addi ion, an and Pham's (2020) s udy indings illus a e ha he a e age isk- aking age o eMs' in
Jo dan is 53.65 yea s, wi h a ange o 31 o 83 yea s. simila ly, hese esul s indica e ha he isk- aking
eMs o he i ms unde s udy in he chosen sample had pos -g adua e deg ees; he mean and sD o
his a iable a e 1.03 and 0.64, espec i ely. hence, he indings conce ning he isk- aking o eMs' expe-
ience show ha a i m's isk- aking o eMs ypically se ed o 12 yea s in he sample se ice i ms,
which anged om one o 56 yea s in eme ging ma ke s. hese indings a e aligned wi h saeed and
Ziaulhaq's (2019) indings, who s a ed ha 96% o he cu en isk- aking eMs' ha e p e ious p o essional
expe ience.
he a e age isk- aking eM owns 1.99% o he se ice i m sha es hey wo k o , al hough his a ies
g ea ly among businesses, om 0% o as much as 58%. howe e , his p opo ion is a li le lowe han
ha gi en by Qawasmeh and azzam (2020), who claim ha he isk- aking eMs' hold oughly 3.4% o
Table 3. Desc ip i e s a is ics o quan i a i e a iables. (sou ce: au ho s' own wo k).
Va iable Mean s d. De Min Max skewness Ku osis
small and Medium-sized
se ice indus ies'
isk- aking
0.073892 0.972509 0.001286 0.826530 1.234 7.6531
LeV 16.4178 18.2747 0.002830 1.796214 5.752 156.76
LiQ 1.24378 1.76399 0.027627 14.83935 8.786 191.87
gRoW 10.763 7 32.8736 0.000100 165.8632 16.863 204.57
R&D 0.00310 0.02658 0.000021 0.436531 13.87448 222.62
eMs ea u es
gDR 0.963456 0.110092 0.000000 1.000000 9.751 143.87
age 53.65288 0.08620 31.00000 83.00000 7.651 206.75
QuaL 1.038049 0.640864 0.000000 3.000000 3.763 167.73
eXP 11.98761 11.03866 1.000000 56.00000 11.76 243.81
oWn 0.019975 0.070183 0.000000 0.576853 13.62 197.66
DuaL 0.149875 0.341853 0.000000 1.000000 8.771 67.763
enR 8.767535 9.847230 1.000000 51.51060 17.87 88.762
Con ol a iables
Roa 0.035285 0.171765 −1.981033 0.892838 1.863 23.763
BMV 1.678428 1.065643 −0.049436 7.518797 0.087 28.885
siZe 8.786275 0.487076 5.596372 9.108294 1.054 7.8729
cOgen BUsiness & ManageMen 15
he i m's sha es. Mo eo e , his esea ch inding e eals ha abou 15% o Jo dan's isk- aking eMs' had
p e iously se ed as chai s o he boa ds o he se ice i m. simila ly, he indings o his s udy a e much
highe han he 0.69% a e age duali y o Jo danian se ice and manu ac u ing i ms published by
Kanak iyah (2021). Finally, he enu e o isk- aking eMs' is app oxima ely 8.76 yea s on a e age, wi h a
p olonged e m in he o ice o 51.5 yea s and a enu e pe iod o 1 yea . his inding is in alignmen wi h
p io esea ch. examples include he s udy by Ma ino e al. (2020), who concluded ha an i alian
isk- aking eM's enu e is 7 yea s on a e age.
he con ol a iable s a is ics imply ha , he a e age and sD o ROa a e 3.52% and 17.17%, espec-
i ely. acco dingly, se ice i ms in Jo dan make an a e age e u n on o al asse s o 3.52%. Mo eo e ,
he sample i ms' BMV has a mean o 1.67 wi h a sD o 10.6%. he mean o he i m size es ed by he
na u al loga i hm o he whole asse s is 8.78, wi h a sD o 0.487. Finally, he a e age (sD) o i m le e -
age is 41.76% (29%), indica ing ha 38% o non- inancial i ms lis ed on ase a e inanced by deb in
eme ging ma ke s.
4.2. Co ela ion analysis
able 3 exhibi s he Pea son co ela ion coe icien s o all cons uc s o he s udy. i demons a es ha
isk- aking eM age has a posi i e ela ionship wi h enR and eXP in eme ging ma ke s. OWn and DUal
ha e a posi i e co ela ion. Fu he mo e, OWn is nega i ely ela ed o QUal in eme ging ma ke s. he
posi i e co ela ions be ween age, enR, and eXP a e logical and s aigh o wa d; as ime passes in
eme ging ma ke s (inc ease in eM age), he isk- aking eMs' li e and job expe ience inc eases, as does
enu e, which signi ies he leng h o ime he eM has held he exis ing/same posi ion. excep o eXP.
and enR in eme ging ma ke s, which a e posi i ely co ela ed, all o he co ela ion coe icien s be ween
he independen elemen s a e <0.70. he co ela ion be ween eXP and enR is posi i ely highly co -
ela ed a 0.7875. he high co ela ion (mo e han 70%) could ha e an impac on he analysis. o con i m
ha no mul icollinea i y p oblems exis , we calcula e he a iance in la ion ac o (ViF), as illus a ed in
he las column o able 4, which shows ha no mul icollinea i y p oblems exis because all ViF alues
a e less han en as ecommended by guja a i (2003).
4.3. Reg ession analysis
he da a a e analyzed using mul iple eg ession echniques o analyze he collec ed da a and be able o
es he co ela ion among he sMe se ice i m's isk- aking eM ea u es. he ou comes o he analysis
a e demons a ed in able 5. Whe e he F-s a is ic indica es he alidi y o he model o analysis pu -
poses, as i was ound signi ican a he 5% le el (p ≤ .05). simila ly, he R2 alue o 0.563 implies ha
56.3% o he a ia ion in i m isk- aking is accoun ed o by he a iables o he model.
all independen a iable coe icien s ega ding isk- aking eM ea u es (GDR, AGE, QUAL, EXP, OWN,
DUAL, and TENR) and he con ol a iables (ROA, BMV, SIZE, and LEV) a e shown in able 5. Due o he
Table 4. Pea son co ela ion ma ix. (sou ce: au ho s' own wo k).
RISK GDR AGE QUAL EXP OWN DUAL TENR ROA BMV SIZE LEV GROW R&D
RISK 1
GDR −0.0634 1
AGE −0.0475 −0.0680 1
QUAL −0.0623 0.0887 −0.0585 1
EXP 0.0266 −0.0276 0.1767 0.0841 1
OWN −0.0743 −0.0376 0.0587 −0.4871 −0.2861 1
DUAL −0.0597 −0.0387 0.4872 −0.3543 0.0712 0.4871 1
TENR 0.0054 0.0030 0.4872 0.2763 0.7875 −0.3874 0.3763 1
ROA −0.6862 0.0072 0.0021 −0.0204 −0.0504 −0.0486 0.3853 0.0265 1
BMV 0.0686 0.2873 −0.087 −0.0775 0.3986 −0.0686 0.3711 0.3653 0.0687 1
SIZE −0.4665 0.0754 0.2153 0.0786 0.4763 −0.3874 −0.5663 0.2543 0.3354 0.487 1
LEV 0.0907 0.0287 0.0476 −0.0287 0.0034 0.3987 −0.0776 0.0687 −0.0233 −0.4873 −0.0081 1
GROW 0.0872 0.0652 0.0321 0.0182 0.0631 0.3245 0.7621 0.0341 0.0676 0.0671 0.0243 0.0671 1
R&D 0.0345 −0.0432 0.0564 −0.0652 0.5476 −0.762 −0.0635 0.7862 0.0536 −0.7628 0.0761 0.4526 0.0726
1
16 M.a. al-shBOUl
lack o s a is ical signi icance o he gDR coe icien , i is sugges ed ha he isk- aking eM's gende has
no e ec on isk- aking in he se ice sec o in eme ging ma ke s. Despi e his, and gi en ha 99% o
he execu i es o companies wi h ase lis ings a e males, his esul is conside ed unclea and unce ain.
hese esul s a e aligned wi h hose o gala and Kashmi i (2022), who ound no ela ion be ween gende
and isk- aking in se ice i ms. On he o he hand, nilmawa i e al. (2021), O ens and Reheul (2013), and
Yous i e al. (2022) s udies, which u ilized he sD o ROa, ound a nega i e and signi ican associa ion
among isk- aking eMs' gende and se ice i ms' owa ds isk- aking. hence, hey oppose his inding.
When i comes o he age a iable, he AGE coe icien likewise e eals no associa ion be ween
isk- aking eMs' age and se ice i ms. Unlike expec a ions, hese esul s may ha e been eached because
he sample majo i y we e in hei middle yea s in eme ging ma ke s, which a e aligned wi h Fe is e al.'s
(2019) indings. hey a e also aligned wi h gala and Kashmi i's (2022) and aabo and e iksen's (2018)
indings; howe e , hey used a ious isk- aking p oxies o show he same esul s. howe e , when u iliz-
ing di e en isk- aking p oxies. Whe eas, Fa ag and Mallin's (2018) and chen and Zheng's (2014) s udy
indings e ealed a s a is ically signi ican and nega i e co ela ion be ween he a iables. Ye , acco ding
o De a ajan e al. (2022), a co ela ion be ween isk- aking eMs' age and he sD o ROa measu es is
nega i e na u e in eme ging ma ke s.
he QUAL coe icien was ound o be signi ican and nega i e a he 1% le el, which demons a es
ha he educa ional backg ound o isk- aking eM's has a nega i e e ec on he se ice i ms, and ice
e sa. his indica es ha isk- aking eMs' wi h mo e ad anced deg ees (PhD, MBa, and Bachelo 's) a e
less d awn o isk- aking, which is also aligned wi h he uppe echelon heo y. his is because isk- aking
eMs' educa ion p og esses; hey will lea n how o a oid aul s and ailu es and o s i e owa d he i m's
long- e m p ospe i y. On he con a y, Makhlou e al. (2018) concluded ha he e is no ela ionship
be ween any o he i e isk- aking p oxies u ilized and eM ea u es and quali ica ions in hei s udy. On
he o he hand, Yeoh and hooy (2020) concluded, by u ilizing wo o he p oxies ha he e is a signi ican
and posi i e linkage be ween isk- aking eMs' ea u es and quali ica ions and he sMe se ice i m.
he coe icien on EXP is ound o be s a is ically signi ican and nega i e a he 10% le el (p = .065),
sugges ing ha isk- aking eMs' end o engage in less isky decisions and ac ions he mo e hey gain
p o essional expe ience. hey end o adop a conse a i e s yle o hinking, leade ship, and manage-
men , hus educing he se ice i m's ope a ional ROa. loukil and Yous i's (2022) s udy indings empha-
sized he signi ican nega i e co ela ion be ween isk- aking eMs' expe ise and se ice i ms' isk- aking,
u ilizing i e isk- aking ex en s. Fu he mo e, hey ensu e ha he need o deb inancing and s ock
e u n ola ili y will dec ease as isk- aking eMs gain mo e expe ise. howe e , he esul s o he cu en
s udy oppose he an and Pham (2020) s udy indings, as hey disco e ed a signi ican posi i e ela ion-
ship be ween i m isk- aking and eMs' p o essional expe ience. in addi ion, hey sugges ed ha
isk- aking eMs' wi h mo e p o essional expe ience a e mo e likely o engage in isky decisions and
Table 5. Resul s o he o dina y leas squa e eg ession. (sou ce: au ho s' own wo k).
Va iables Coe icien -s a p alue ole ance ViF
GDR −0.0476 −1.106 .287 0.967 1.237
AGE −0.00005 −0.275 .830 0.835 1.275
QUAL −0.0215 −4.675*** .003 0.821 1.307
EXP −0.0027 −1.886*.065 0.254 4.361
OWN −0.4062 −9.698*** .001 0.687 1.298
DUAL 0.0059 0.634 .704 0.853 1.294
TENR 0.0030 1.573*.086 0.261 4.785
ROA −0.3873 −3.183** .034 0.779 1.348
BMV 0.0204 5.763*** .002 0.911 1.387
SIZE −0.0584 −5.722*** .001 0.918 1.368
LEV 0.0561 1.287 .285 0.861 1.144
GROW 0.0423 1.763 .0241 0.775 1.752
R&D 0.0234 0.892 .3762 0.671 2.736
F: 11.351.
sig. = 000.
R2 = 0.563.
Vadjus ed R2 = 0.456.
*** he esul is signi ican a 0.01 le el (p ≤ .01).
** he esul is signi ican a 0.05 le el (p ≤ .05).
* he esul is signi ican a 0.10 le el (p ≤ .10).
cOgen BUsiness & ManageMen 17
ac i i ies. in his case, hey become mo e mo i a ed o be mo e c ea i e and implemen iskie changes.
On he o he hand, (alawaqleh e al., 2021) ound ha no co ela ion exis s be ween isk- aking eMs'
expe ience and se ice i ms' willingness o ake isks.
he coe icien on OWN o isk- aking eMs' owne ship is nega i e and signi ican a he 1% le el,
which demons a es ha a big in e es in he i m's sha es p esen ed by isk- aking eMs may limi his/
he willingness o ake isks. his could be explained by isk- aking eMs' desi e o gua d hei owne ship
om losses and, as a esul , e ain om aking on any isky ac ions o decisions. Fu he mo e, his cu -
en s udy's indings a e aligned wi h Faccio e al.'s (2016) s udy indings. hei s udy e ealed a signi i-
can nega i e associa ion be ween isk- aking eMs' owne ship and he isk- aking o hei i ms, especially
when measu ed using he ROa s anda d de ia ion. Ye , we can s ill conside he ela ionship be ween
a iables impo an despi e de e mining isk h ough le e age. howe e , i mo es in he opposi e di ec-
ion. in con as o he a o emen ioned esul s, Muhammad e al. (2022) ound ha a subs an ial posi i e
link be ween owne ship and isk- aking exis s when measu ed using he ROa s anda d de ia ion.
Because he isk- aking eM's DUAL coe icien is no s a is ically signi ican , i does no a ec he eM's
isk- aking. hence, his inding is in line wi h Muhammad e al. (2022), who eached he same indings
by u ilizing ou isk- aking p oxy. likewise, Makhlou e al. (2018) also eached simila indings by u ilizing
ou dis inc isk- aking p oxies. howe e , he s udy by Kau and singh (2019) demons a ed he ela ion-
ship be ween wo isk p oxies and duali y, which was ound o be posi i e. Finally, he associa ion
be ween duali y and isk- aking a ies be ween coope a i e and lis ed banks; whe e lis ed banks ha e a
posi i e co ela ion, while coope a i e banks ha e a nega i e co ela ion (hop, 2022).
a he 10% le el, TENR, he las independen a iable, shows a posi i e s a is ically signi ican coe i-
cien . his sugges s ha he longe he isk- aking eMs hold his posi ion, he mo e likely i is ha hey
will engage in he eM's isk- aking. as hey ha e buil up hei epu a ion and ca ee in he eme ging
ma ke place. hence, hey a e less conce ned abou losing hei posi ions and a e less subjec o he BoD
imposing p essu e. hence, hey a e mo e inclined o ake isks, be open o inno a ion, and come up wi h
new business ideas. he esul s o Yusu e al. (2022), gala and Kashmi i (2022), Yeoh and hooy (2020),
genga ha an e al. (2020), De a ajan e al. (2022), Qawasmeh and azzam (2020), and gala and Kashmi i
(2022) all indica ed ha enu e is un ela ed o isk- aking despi e u ilizing di e se isk- aking measu es,
which a e in con as o hei indings. Ma ino e al. (2020) u ilized i e isk- aking p oxies, whe e hey
disco e ed ha wo p oxies ha e a link wi h he isk- aking eMs' enu e, while he e a e h ee p oxies
seen as un ela ed.
he coe icien s on ROA and SIZE a e also signi ican and nega i e in eme ging ma ke s, which illus-
a es ha a i m's willingness o ake isks declines as i inc eases in size and ROa. in addi ion, he
book- o-ma ke a io and isk- aking a e signi ican ly posi i ely co ela ed, as demons a ed by he coe -
icien on BMV. ne e heless, as he LEV a iable does no ha e a signi ican coe icien , i means ha no
associa ion be ween le e age and i ms' isk- aking can exis .
4.4. Con ol a iables e ec
he eg ession analysis was conduc ed o es ima e he impac o he isk- aking eMs' ea u es on he
sM-sized se ice i ms' isk- aking wi h he ole o he con ol a iables (i.e. gDR, age, QUal, e c.) able
6 shows he esul s o he eg ession analysis.
wo models we e used o explain he beha io o he a iables unde s udy. he i s model shows
he ole o he con ol a iables on he dependen a iable ( isk- aking eMs' ea u es on he sM-sized
se ice i ms' isk- aking), while he second a iable explains he beha io o all he a iables, including
all dependen a iables (i.e. gDR, age, QUal, eXP, OWn, DUal, and enR). By looking a he i s model,
i is no ed ha he uns anda dized coe icien o he ollowing con ol a iables was high (i.e. age:
'β = 0.886, sig.=0.031 < 0.05', QUal: 'β = 0.672, sig.=0.014 < 0.05', eXP: 'β = 0.723, sig.=0.026 < 0.05', DUal:
'β = 0.669, sig.=0.043 < 0.05', and enR: 'β = 0.561, sig.=0.036 < 0.05'), mo eo e , he signi ican alues o
he men ioned a iables we e signi ican ; all alues we e <0.05. Whe eas, he uns anda dized coe icien s
o he o he con ol a iables (i.e. gDR: 'β = −0.024, sig. = 0.746 > 0.05', and OWn: 'β = −0.045, sig. =
0.524 > 0.05') we e low and had nega i e e ec s, mo eo e , he insigni ican alues o he men ioned wo
a iables we e insigni ican (s ockeme , 2019). his indica es ha he e is a clea impac o some
18 M.a. al-shBOUl
isk- aking eMs' ea u es on he sM-sized se ice i ms' isk- aking, while o he s ha e no . in he second
model, all he a iables we e en e ed o assess hei impac on he dependen a iable/sM-sized se ice
i ms' isk- aking. he analysis e ealed only ROa: 'β = 0.624, sig. = 0.030 < 0.05', BMV: 'β = 0.744, sig. =
0.006 < 0.05', and leV: 'β = 0.857, sig. = 0.022 < 0.05' ha e a s ong signi ican impac on he isk- aking
eMs' ea u es on he sM-sized se ice i ms' isk- aking. howe e , he same model does no demons a e
a signi ican impac o he con ol a iables h ough he i m's size (β = −0.024, sig. = 0.648 > 0.05), on
he ela ionship be ween isk- aking eMs' ea u es on small and medium-sized se ice i ms' isk- aking
a iables, since i has no signi ican e ec (s ockeme , 2019). he second model jus i ies he esul s we e
in e p e ed by he i s model.
5. Conclusions and implica ions
his s udy, which was limi ed o he sMe se ice i ms, looked in o how isk- aking eMs' cha ac e is ics
a ec ed he isk- aking p opensi ies o sMe se ice companies in Jo dan as an eme ging ma ke , bo h a
de eloped and de eloping na ion. an analysis o he connec ion was conduc ed using yea ly ea nings
ola ili y, employing a sample o 72 sMe se ice businesses ha we e egis e ed on he ase be ween
2018 and 2022. he s udy's conclusions se e as a use ul guide o in es o s o ake in o accoun eM
ai s, pa icula ly when e alua ing he isks connec ed o companies hey wish o in es in and when
de e mining he isk o a business h oughou he in es men decision-making p ocess. i also gi es
egula o s insigh in o how c ucial i is o conside isk- aking eMs' cha ac e is ics when c ea ing isk- aking
p ocedu es in eme ging ma ke s. in a simila ein, he boa d o di ec o s ough o ocus p ima ily on
isk- aking eMs' ca ica u is s and quali ies, pa icula ly eM enu e, since his cha ac e is ic aises eM's
exposu e o isks ha may ha e a nega i e impac on he company. his s udy is, he e o e, hough o
be he i s o i s so in Jo dan. Fu he mo e, he empi ical indings show ha isk- aking eMs' quali ica-
ions, expe ience, and owne ship o he sMe se ice i ms' sha es ha e a nega i e and subs an ial impac
on he isk- aking o sMe se ice i ms in Jo dan as an eme ging ma ke . Fu he mo e, he ROa a io and
business size ha e a nega i e and conside able impac . he s udy's indings indica e ha he e is a
s ong posi i e co ela ion be ween he book- o-ma ke a io o he company and he isk- aking eM's
enu e. ne e heless, i has also been disco e ed ha he isk- aking beha io o sMes in he se ice
sec o does no co ela e wi h he isk- aking eM's age, gende , dualism, o i m le e age a io. addi ionally,
he esul s o his s udy show ha an eM's isk- aking dec eases as hei deg ee o educa ion, expe ience,
and skill as he isk- aking eMs' in he seM se ice business inc eases, as does hei sha e owne ship.
con e sely, mo e isk- aking would ollow an inc ease in he isk- aking eM's enu e. simila o his, s ock
ma ke s may be seen as a mi o o he isk- aking eM's cha ac e is ics, and how he isk- aking eM's
p o essional, expe ienced, in o med, and isk-a e se ai s can in luence i s cha ac e is ics, since hese
cha ac e is ics may ha e a majo impac on s ock p ices. he e o e, his s udy has examined aspec s o
he isk- aking eMs in he sMe se ice i m as well as he businesses' eadiness o ake isks in Jo dan
Table 6. he eg ession analysis on he dependen a iables*. (sou ce: au ho s' own wo k).
Model Va iable/ cons an β sig Resul
1(Cons an ) 4.562 41.638 <0.002 Yes
Con ol a iables −0.001 0.0672 0.043 no
gDR −0.024 1.7630 0.746 no
age 0.886 0.9861 0.031 Yes
QuaL 0.672 0.6519 0.014 Yes
eXP 0.723 2.7614 0.026 Yes
oWn −0.045 7.8672 0.524 no
DuaL 0.669 0.9861 0.043 Yes
enR 0.561 5.8616 0.036 Yes
(Cons an ) 0.032 0.679 0.042 Yes
2Con ol a iables .080 1.717 0.087 no
Roa. 0.624 0.741 0.030 Yes
BMV 0.744 3.159 0.006 Yes
LeV 0.857 6.816 0.022 Yes
Fi m's size −0.024 0.081 0.648 no
*independen a iable: eMs' ea u es.
Dependen a iable: sM-sized se ice indus ies' isk- aking.
cOgen BUsiness & ManageMen 19
since i is belie ed ha unce ain y ega ding he managemen quali y and compe ency o he isk- aking
eMs' is a c ucial issue ha migh a ec sha eholde s' iewpoin . as a esul , a b oad comp ehension o
hese ac o s' e ec s may be ob ained.
5.1. Theo e ical implica ions
his s udy has se e al heo e ical implica ions. Fi s , his s udy was conduc ed o in es iga e he e ec
o isk- aking eMs' ea u es on sMe se ice i ms in Jo dan as an eme ging ma ke , which included age,
gende , quali ica ions, expe ise and expe ience, owne ship, duali y, and enu e c i e ia, using eg ession
analysis o examine he associa ion be ween he isk- aking eMs' ea u es and i m's isk- aking, ep e-
sen ed by he s anda d de ia ion o he i m's e u n on asse s a io in one s udy model, and in one
academic ange. Fu he mo e, i inse ed he con ol a iables ep esen ed by e u n on asse s (ROa),
book- o-ma ke alue a io (BMV), i m size, and i m le e age a io o examining he e ec o isk- aking
eMs' ea u es on sMe se ice i ms' isk- aking, hus, i equi es he inclusion o se e al con ol a iables
o ule ou mo e al e na i e explana ions. he e o e, his s udy con ibu ed o p o iding a aluable con-
ibu ion o he heo ies ela ed o he human capi al heo y, which cen es on he idea ha in es men s
in people and employees, such as educa ion, expe ise, and knowledge, inc ease wo ke s' p oduc i i y
and skills while educing he p obable isks in hei wo kplace (goldin, 2016). he second is he ai
heo y o pe sonali y, which p oposes ha people ha e speci ic and dis inguished ea u es and ai s, and
i will s eng hen and in ensi y hose ai s ha accoun o pe sonali y di e ences. he e o e, he ai
app oach is conside ed one o he main heo ies o explo e and s udy pe sonali y. ai heo y p oposes
ha indi idual pe sonali ies a e a compound o b oad disposi ions (Fajkowska & K ei le , 2018). hus, a
ea u e in a pe sonali y is conside ed a ea u e ha mee s h ee c i e ia: i should be consis en , s able,
and a y om one pe son o ano he . his s udy also ocused on i s g ea con ibu ion o he inclusion
o con ol a iables as mode a ed ac o s and he ex en o hei impac on he ela ionship be ween
isk- aking eMs' ea u es and sMe se ice i ms' isk- aking, and he ocus was on his by analyzing he
esea ch da a. he e was a sho age and a clea gap in s udying con ol a iables as a mode a o ac o
in he ela ionship o isk- aking ems' ea u es wi h sMe se ice i ms' isk- aking. his s udy con ibu es
g ea ly o an in-dep h unde s anding and s udy o causal ela ions ha include isk- aking eMs ea u es
and he abili y o analyze hem in a ious ope a ions and ac i i ies in se ing i ms in de eloping coun-
ies. i also wo ks o inc ease unde s anding o isk- aking eMs' ea u es and he g ea impo ance ha
se ices mus ake in o accoun now.
Fu he mo e, his s udy p esen s a se o heo e ical implica ions, as ollows: Fi s , he empi ical
esul s demons a e ha sMe se ice i ms' isk- aking in Jo dan is nega i ely and signi ican ly in lu-
enced by isk- aking eMs' quali ica ions, expe ise, and expe ience, and owne ship o he sMe se ice
i ms' sha es. second, he indings show ha he isk- aking eMs' ea u es a e nega i ely and signi i-
can ly in luenced by i m size and ROa a io. hi d, he indings o his s udy also show; i has a sig-
ni ican posi i e ela ionship wi h he isk- aking eM's enu e and he i m's book- o-ma ke a io.
howe e , i is also ound ha he e is no co ela ion be ween sMe se ice i ms' isk- aking and he
isk- aking eM's gende , age, duali y, o i m le e age a io. Fou h, he s udy inding illus a es ha an
inc ease in he isk- aking eM's quali ica ions le el, expe ise, and expe ience as isk- aking eM ea u es
o an seM se ice i m, and sha e owne ship dec ease he eM's isk- aking. Fi h, i he isk- aking eM's
enu e inc eases, he isk- aking would inc ease as well. Finally, s ock ma ke s can be seen as a e lec-
ion o he isk- aking eM's ea u es, how knowledgeable, expe ienced, p o essional, and isk p o ile
can a ec he isk- aking eM's ea u es, since hese ea u es migh e lec on s ock p ices
signi ican ly.
5.2. Manage ial implica ions
his s udy has many e ec s on manage s, p ac i ione s, and decision-make s in he se ice sec o in
he Middle eas egion in gene al, and de eloping coun ies in pa icula . he esul s o his s udy
20 M.a. al-shBOUl
showed ha he e is a s ong and impo an impac on he ela ionship be ween isk- aking ems'
ea u es and sMe se ice i ms' isk- aking. he e o e, decision-make s in se ice i ms mus ocus on
he mos impo an ea u es, such as he quali ica ion ea u e, which was ound o be signi ican and
nega i e a he 1% le el, which demons a es ha he educa ional backg ound o isk- aking eM's has
a nega i e e ec on he sMe se ice i ms' isk- aking, and ice e sa. his indica es ha eMs wi h
mo e ad anced deg ees (PhD, MBa, and Bachelo 's) a e less d awn o isk- aking. his is because as
isk- aking eMs' educa ion p og esses, hey will lea n how o a oid aul s and ailu es and s i e owa d
he i m's long- e m p ospe i y. he expe ise and expe ience ea u e a e ound o be s a is ically sig-
ni ican and nega i e a he 10% le el (p = .065), sugges ing ha he isk- aking eMs' end o engage
in less isky decisions and ac ions he mo e hey gain p o essional expe ience. hey end o adop a
conse a i e s yle o hinking, leade ship, and managemen , hus educing he se ice i m's ope a-
ional ROa. his is in addi ion o he ac ha manage s a all le els mus pay a en ion o he ules,
policies, and p ocedu es applied in hei i ms. i mus include inc easing awa eness and building di -
e en capabili ies in a ious ields so ha hey a e uncon en ional, inno a i e, and di ec ed owa ds
emana ing isks ha migh ace hei i ms. While, he isk- aking eMs' owne ship is nega i e and sig-
ni ican a he 1% le el, which demons a es ha a big in e es in he i m's sha es p esen ed by
isk- aking eM may limi his/he willingness o ake isks. his could be explained by isk- aking eMs'
desi e o gua d hei owne ship om losses and, as a esul , e ain om aking on any isky ac ions
o decisions. Whe eas he isk- aking eM duali y ea u e is no s a is ically signi ican , i has no e ec
on he eM's isk- aking a sMe se ice i ms' isk- aking. hence, isk- aking eM enu e shows a posi i e,
s a is ically signi ican coe icien . his sugges s ha he longe he isk- aking eM holds his posi ion,
he mo e likely i is ha he will engage in isk- aking. as hey ha e buil up hei epu a ion and
ca ee in he eme ging ma ke place. hence, hey a e less conce ned abou losing hei posi ions and
a e less subjec o he BoD imposing p essu e. hence, hey a e mo e inclined o ake isks, be open
o inno a ion, and come up wi h new business ideas. Finally, he coe icien s on ROa and size a e also
signi ican bu ha e a nega i e e ec , which illus a es ha an sMe se ice i m's willingness o ake
isks declines as i inc eases in size and ROa. in addi ion, he book- o-ma ke a io and isk- aking a e
signi ican ly and posi i ely co ela ed, as demons a ed by he coe icien on BMV. ne e heless, as he
le e age ac o does no ha e a signi ican coe icien , i means ha no associa ion be ween le e age
and i ms' isk- aking can exis .
5.3. S udy limi a ions, and u u e esea ch
in spi e o he impo ance o conduc ing his s udy, he e a e s ill a numbe o limi a ions ha ha e been
aced by his esea ch, which will be men ioned as ollows: Fi s , he da a se was ga he ed and analyzed
a a ixed poin in ime, as was he sample size. i was small and limi ed, co e ing only 5 yea s o da a.
he e o e, i he ini ial da a a e collec ed om he longi udinal da a o he dimensions used in he
s udy, he esul s will be mo e accu a e. second, his s udy was applied in he con ex o Jo dan as a
de eloped and eme ging coun y; i is use ul o conduc o he s udies including coun ies om bo h
asia and a ican e i o ies as de eloping coun ies, which include di e en cul u es and beha io s. hi d,
i is be e o collec homogenous da a om only speci ic sec o s such as ho els, hospi als, es au an s,
banks, e c. a he han se e al se ice i ms om di e en sec o s (i.e. he e ogeneous da a). Fou h, he
ini ial da a om se ice i ms we e collec ed h ough he quan i a i e me hodology only o in es iga e
he e ec o isk- aking eMs' ea u es on seM se ice i ms' isk- aking as men ioned in he s udy model.
Fi h, du ing he scanning o he p e ious s udies in he li e a u e, he e was a lack o s udies conduc ed
on de eloping and eme ging coun ies, which was also one o he main limi a ions o his s udy, and i
was also one o he main di icul ies ha aced he esea che s in alida ing hei ools o measu emen
and he dimensions o he s udy.
his s udy belie es ha o he eM ea u es such as u h ulness, o e -op imism, equi y-pay a io, poli -
ical ne wo ks, and e u ns can ha e an e ec on a i m's willingness o ake isks. hence, u u e s udies
a e ecommended o s udy he a o emen ioned ea u es ha we e omi ed om his s udy on sMe
cOgen BUsiness & ManageMen 21
se ice i ms' isk- aking due o he limi a ions o ime, e o , and cos . Fu he mo e, i is p e e able in
u u e esea ch i he quan i a i e (i.e. su ey) and quali a i e (i.e. s uc u ed o semi-s uc u ed in e -
iews) me hodology was used and adop ed o each mo e accu a e esul s. his piece o wo k sugges s
conduc ing u u e esea ch aking in o accoun g een se ices inno a ion, and g een ci cula economy
as ac o s o sMe i ms' isk- aking.
Disclosu e s a emen
no po en ial con lic o in e es was epo ed by he au ho (s).
Funding
his s udy is no unded by any en i y.
E hical app o al
his a icle does no con ain any s udies wi h human pa icipan s pe o med by any o he au ho s.
Consen o m
he pu pose o he s udy being conduc ed is o assess a concep ual amewo k ha includes be e unde s a ing o
execu i e manage s' ea u es e ec on small and medium-sized se ice i ms' isk- aking: esh insigh s om eme g-
ing ma ke s. While he e a e no di ec bene i s o he pa icipan s, i is in ended ha manage s i ing his p o ile
will be p o ided wi h imp o ed esul s in hei pa icipa ing as a esul o his s udy. he e a e no isks in ol ed in
pa icipa ing in his s udy. Pa icipa ion consis s o one in e iew, las ing app oxima ely one-hou and/o ia illing
su ey o conduc ing an in e iew. his in e iew will be audio aped, unless o he wise eques ed by he pa icipan .
he e may be addi ional ollow-up/cla i ica ion h ough email, unless o he wise eques ed by pa icipan . P i acy will
be ensu ed h ough con iden iali y. i pa icipan wishes o he use o he ull name in he s udy, his eques will
be adhe ed o as well. Pa icipa ion is olun a y and he in e iewee has he igh o e mina e he in e iew a any
ime. a summa y o he esul s will be a ailable o pa icipan s upon eques . Please con ac he esea che XYZ wi h
any ques ions o conce ns.
___________________________
signa u e o in e iewee
___________________________
signa u e o in e iewe / esea che
Abou he au ho
D . Eng. Moh'd Anwe AL-Shboul is an associa e p o esso in he Business adminis a ion Depa men
a P incess sumaya Uni e si y o echnology (PsU )/Jo dan, since 2018, and p e iously wo ked in
logis ics sciences Depa men a ge man-Jo danian Uni e si y/gJU, Jo dan om 2013 ill 2018. he
has published many a icles in leading in e na ional Jou nals in he a eas o scM, logis ics sciences,
ope a ions managemen and i s implemen a ions, Jo dan in pa icula , and a abic and egional
coun ies in gene al. D . al-shboul ea ned his PhD om B ad o d Uni e si y, UK (2012); MBa om
Ya mouk Uni e si y in Jo dan (2002). addi ionally, al-shboul has double majo (Bsc.) in he a eas
o elec ical enginee ing/ elecommunica ion om JUs (1992) and Business adminis a ion om Ya mouk Uni e si y
(2000), Jo dan. D . al-shboul has long academic and p o essional expe ience in he a eas o eaching as an ins uc o
in Business and elec ical enginee ing; had wo ked a Jo dan cus oms o mo e han en yea s and mo e han en
yea s in elec ical enginee ing in se e al Jo danian companies. his cu en esea ch in e es s include lean and agile
supply chain, supply chain managemen , logis ics sciences, supply chain esponsi eness, and ope a ions managemen .
ORCID
Moh'd anwe al-shboul h p://o cid.o g/0000-0001-8870-4042
22 M.a. al-shBOUl
Da a a ailabili y s a emen
all da a a e a ailable and upon eques om he au ho s.
Re e ences
aabo, ., & e iksen, n. B. (2018). co po a e isk and he humpback o ceO na cissism. Re iew o Beha io al Finance,
10(3), 1–24. h ps://doi.o g/10.1108/RBF-07-2017-0070
alawaqleh, Q. a., almas ia, n. a., & alsawalhah, J. M. (2021). he e ec o boa d o di ec o s and ceO on audi qual-
i y: e idence om lis ed manu ac u ing i ms in Jo dan. The Jou nal o Asian Finance, Economics and Business, 8(2),
243–253.
alhmood, M. a., shaa i, h., & al-Dhama i, R. (2020). ceO cha ac e is ics and eal ea nings managemen in Jo dan.
In e na ional Jou nal o Financial Resea ch, 11(4), 255–266. h ps://doi.o g/10.5430/ij . 11n4p255
alqa amin, R., a ibi, Z., & hankom, a. (2017). he e ec o he ceO's cha ac e is ics on eM e idence om Jo dan.
In e na ional Jou nal o Accoun ing & In o ma ion Managemen , 25(3), 356–375. issn 1834-7649 h ps://doi.
o g/10.1108/iJaiM-10-2016-0099
ande son, R. c., Reeb, D. M., Upadhyay, a., & Zhao, W. (2011). he economics o di ec o he e ogenei y. Financial
Managemen , 40(1), 5–38. h ps://doi.o g/10.1111/j.1755-053X.2010.01133.x
a ayah, O. F., naja , K., sub amaniam, R. K., & chin, P. n. (2022). he ascension o execu i es' enu e, co po a e
isk- aking and co po a e pe o mance: e idence om Malaysia. Asia-Paci ic Jou nal o Business Adminis a ion,
14(1), 101–123. h ps://doi.o g/10.1108/aPJBa-05-2021-0189
a ia, M., Yous i, O., loukil, n., & Om i, a. (2020). Do di ec o s' a ibu es in luence inno a ion? empi ical e idence om
F ance. In e na ional Jou nal o Inno a ion Managemen , 25(01), 2150010. h ps://doi.o g/10.1142/s1363919621500109
ayyaga i, M., Dau, l. a., & spence , J. (2015). s a egic esponses o FDi in eme ging ma ke s: a e co e membe s
mo e esponsi e han pe iphe al membe s o business g oups?. Academy o Managemen Jou nal, 58(6), 1869–
1894.
Ba ke , V., & Muelle , g. (2002). ceO cha ac e is ics and i m R&D spending. Managemen Science, 48(6), 782–801.
h ps://doi.o g/10.1287/mnsc.48.6.782.187
Ba h, M. e., Do on, i., & s idha an, s. a. (2022). equi y Book- o-Ma ke Ra ios abo e One and Mac oeconomic Risk.
a ailable a : ssRn: h ps://ss n.com/abs ac =3306503 o h ps://doi.o g/10.2139/ss n.3306503
Bea y, R. P., & Zajac, e. J. (1994). Manage ial incen i es, moni o ing, and isk o execu i e compensa ion, owne ship,
and boa d s uc u e in ini ial public o e ings. Adminis a i e Science Qua e ly, 39(2), 313–335. h ps://doi.
o g/10.2307/2393238
Benischke, M. h., Ma in, g. P., & glase , l. (2019). ceO equi y isk bea ing and s a egic isk- aking: he mode a ing
e ec o ceO pe sonali y. S a egic Managemen Jou nal, 40(1), 153–177. h ps://doi.o g/10.1002/smj.2974
Be k, J. B., g een, R. c., & naik, V. (1999). Op imal in es men , g ow h op ions, and secu i y e u ns. The Jou nal o
Finance, 54(5), 1553–1607. h ps://doi.o g/10.1111/0022-1082.00161
Be and, M., & schoa , a. (2003). Managing wi h s yle: he e ec o manage s on i m policies. The Qua e ly Jou nal
o Economics, 118(4), 1169–1208. h ps://doi.o g/10.1162/003355303322552775
Bhaga , s., & Welch, i. (1995). co po a e esea ch and de elopmen in es men s in e na ional compa isons. Jou nal o
Accoun ing and Economics, 19(2-3), 443–470. h ps://doi.o g/10.1016/0165-4101(94)00391-h
Bouslah, K., liña es-Zega a, J., M'Zali, B., & schol ens, B. (2018). ceO isk- aking incen i es and socially i esponsible
ac i i ies. The B i ish Accoun ing Re iew, 50(1), 76–92. h ps://doi.o g/10.1016/j.ba .2017.05.004
Bsoul, R., a wa, R., Oda , M., haddad, l., & shakha eh, M. (2022). Do ceOs' demog aphic cha ac e is ics a ec i ms'
isk- aking? e idence om Jo dan. Cogen Business & Managemen , 9(1), 1–16. h ps://doi.o g/10.1080/23311975.2022.2
152646
chen, D., & Zheng, Y, assis an P o esso o Finance a he Me ick school o Business a he Uni e si y o Bal imo e,
Bal imo e, MD, Usa. (2014). ceO enu e and isk- aking. Global Business & Finance Re iew, 19(1), 1–20. lead a icle).
h ps://doi.o g/10.17549/gb .2014.19.1.01
c onbach, l. J. (1951). coe icien alpha and he in e nal s uc u e o es s. Psychome ika, 16(3), 297–334. h ps://doi.
o g/10.1007/BF02310555
De a ajan, D., Ooi, c. a., loo, s. Y., & Ooi, s. K. (2022). ceO powe and isk- aking: he mode a ing ole o indepen-
den boa ds, ceO compensa ion and ins i u ional owne ship. In e na ional Jou nal o Accoun ing, 7(43), 179–193.
Faccio, M., Ma chica, M. ., & Mu a, R. (2016). ceO gende , co po a e isk- aking, and he e iciency o capi al alloca-
ion. Jou nal o Co po a e Finance, 39, 193–209. h ps://doi.o g/10.1016/j.jco p in.2016.02.008
Fajkowska, M., & K ei le , s. (2018). s a us o he ai concep in con empo a y pe sonali y psychology: a e he old
ques ions s ill he bu ning ques ions? Jou nal o Pe sonali y, 86(1), 5–11. h ps://doi.o g/10.1111/jopy.12335
Fa ag, h., & Mallin, c. (2018). he in luence o ceO demog aphic cha ac e is ics on co po a e isk- aking: e idence om
chinese iPOs. The Eu opean Jou nal o Finance, 24(16), 1528–1551. h ps://doi.o g/10.1080/1351847X.2016.1151454
Fe is, s. P., Ja akhadze, D., & Rajko ic, . (2019). an in e na ional analysis o ceO social capi al and co po a e
isk- aking. Eu opean Financial Managemen , 25(1), 3–37. h ps://doi.o g/10.1111/eu m.12156
Finkels ein, s., & hamb ick, D. c. (1996). S a egic leade ship: Top execu i es and hei e ec s on o ganiza ions. Wes .
cOgen BUsiness & ManageMen 23
F aenkel, J. R., & Wallen, n. e. (2003). How o design and e alua e esea ch in educa ion (5 h ed.). Mcg aw-hill.
gala, P., & Kashmi i, s. (2022). explo ing he da k side o in eg i y: impac o ceO in eg i y on i ms' inno a i eness,
isk- aking and p oac i eness. Eu opean Jou nal o Ma ke ing, 56(7), 2052–2102. h ps://ezp oxy.yu.edu.
jo:2087/10.1108/eJM-02-2021-0095 h ps://doi.o g/10.1108/eJM-02-2021-0095
genga ha an, R., ha hi, a., & Malki, a. (2020). e ec o i m size on isk and e u n: e idences om sul ana e o
Oman. Eu opean Jou nal o Business and Managemen , 12(9), 62–71.
ghazi, R. (2022). Why he wo ld needs mo e women in leade ship. ( o bes.com)
goldin, c. (2016). Human capi al, Handbook o Cliome ics. sp inge Ve lag.
gonzales-Bus os, J. P., he nández-la a, a. B., & li, X. (2020). Boa d e ec s on inno a ion in amily and non- amily
business. Heliyon, 6(9).
guja a i, D. (2003). Basic econome ics. Mcg aw-hill.
gup a, g., Mahakud, J., & Ve ma, V. (2022). ceO's educa ion and in es men –cash low sensi i i y: an empi ical in es-
iga ion. In e na ional Jou nal o Manage ial Finance, 17(4), 589–618. h ps://doi.o g/10.1108/iJMF-01-2020-0020
hamb ick, D. c., & Mason, P. a. (1984). Uppe echelons: he o ganiza ion as a e lec ion o i s op manage s. The
Academy o Managemen Re iew, 9(2), 193–206. h ps://doi.o g/10.2307/258434
he mann, P., & Da a, D. K. (2006). ceO expe iences: e ec s on he choice o FDi en y mode. Jou nal o Managemen
S udies, 43(4), 755–778. h ps://doi.o g/10.1111/j.1467-6486.2006.00610.x
hop, J. (2022). Lis ed banks s coope a i e banks: Di e ences in agency p oblems wi h ega ds o CEO-duali y and isk
aking analyzed om an owne ship pe spec i e. [Mas e 's hesis]. U ech Uni e si y.
hoskisson, R. e., chi ico, F., Zyung, J., & gambe a, e. (2017). Manage ial isk aking: a mul i heo e ical e iew and
u u e esea ch agenda. Jou nal o Managemen , 43(1), 137–169. h ps://doi.o g/10.1177/0149206316671583
huang, s. K. (2013). he impac o ceO cha ac e is ics on co po a e sus ainable de elopmen . Co po a e Social
Responsibili y and En i onmen al Managemen , 20(4), 234–244. h ps://doi.o g/10.1002/cs .1295
hunj a, a. i., hani , M., Mehmood, R., & nguyen, l. V. (2021). Di e si ica ion, co po a e go e nance, egula ion and
bank isk- aking. Jou nal o Financial Repo ing and Accoun ing, 19(1), 92–108. h ps://doi.o g/10.1108/
JFRa-03-2020-0071
Jenkins, e. J., & seile , R. e. (1990). he impac o execu i e compensa ion upon he le el o disc e iona y expendi-
u es and g ow h in i m alue. Jou nal o Business Finance & Accoun ing, 17(4), 585–592. h ps://doi.
o g/10.1111/j.1468-5957.1990. b01145.x
Jensen, M., & Meckling, W. (1976). heo y o he i m: Manage ial beha io , agency cos s, and owne ship s uc u e.
Jou nal o Financial Economics, 3(4), 305–360. h ps://doi.o g/10.1016/0304-405X(76)90026-X
Kanak iyah, R. (2021). he impac o boa d o di ec o s' cha ac e is ics on i m pe o mance: a case s udy in Jo dan.
The Jou nal o Asian Finance, Economics and Business, 8(3), 341–350.
Kau , R., & singh, B. (2019). Do ceO cha ac e is ics explain i m pe o mance in india? Jou nal o S a egy and
Managemen , 12(3), 409–426. h ps://doi.o g/10.1108/JsMa-02-2019-0027
la Po a, R., lopez-de-silanes, F., shlei e , a., & Vishny, R. (2002). in es o p o ec ion and co po a e alua ion. The
Jou nal o Finance, 57(3), 1147–1170. h ps://doi.o g/10.1111/1540-6261.00457
lae en, l., & le ine, R. (2009). Bank go e nance, egula ion, and isk aking. Jou nal o Financial Economics, 93(2),
259–275. h ps://doi.o g/10.1016/j.j ineco.2008.09.003
li, J., & ang, Y. i. (2010). "li, J., & ang, Y. i. (2010). "ceO hub is and i m isk aking in china: he mode a ing
ole o manage ial disc e ion." Academy o Managemen Jou nal, 53(1), 45–68.
li, Y., gong, M., Zhang, X. Y., & Koh, l. (2018). he impac o en i onmen al, social, and go e nance disclosu e on i m
alue: he ole o ceO powe . The B i ish Accoun ing Re iew, 50(1), 60–75.
lipson, M. l., Mo al, s., & schill, M. J. (2009). Wha explains he asse g ow h e ec in s ock e u ns? a ailable a
ssRn h ps://ss n.com/abs ac 51364324.
loukil, n., & Yous i, O. (2022). Do ceO's a ibu es inc ease isk- aking? empi ical e idence om F ance. Asia-Paci ic
Jou nal o Business Adminis a ion, 15 (5), 721–745. h ps://doi.o g/10.1108/aPJBa-07-2021-0330
Makhlou , M. h., al-su y, F. J., & almubaideen, h. (2018). Boa d di e si y and accoun ing conse a ism: e idence om
Jo dan. In e na ional Business Resea ch, 11(7), 130–141. h ps://doi.o g/10.5539/ib . 11n7p130
Ma ch, J. g., & shapi a, Z. (1987). Manage ial pe spec i es on isk and isk aking. Managemen Science, 33(11), 1404–
1418. h ps://doi.o g/10.1287/mnsc.33.11.1404
Ma ino, P., Rigolini, a., & D'Onza, g. (2020). he ela ionships be ween ceO cha ac e is ics and s a egic isk- aking
in amily i ms. Jou nal o Risk Resea ch, 23(1), 95–116. h ps://doi.o g/10.1080/13669877.2018.1517380
Ma hew, s., ib ahim, s., & a chbold, s. (2016). Boa ds a ibu es ha inc ease i m isk – e idence om he UK.
Co po a e Go e nance, 16(2), 233–258. h ps://doi.o g/10.1108/cg-09-2015-0122
May, D. O. (1995). Do manage ial mo i es in luence i m isk educ ion s a egies? The Jou nal o Finance, 50(4), 1291–
1308. h ps://doi.o g/10.1111/j.1540-6261.1995. b04059.x
Muhammad, h., Miglio i, s., & Mohsni, s. (2022). co po a e go e nance and i m isk- aking: he mode a ing ole o
boa d gende di e si y. Medi a i Accoun ancy Resea ch, 31(3), 706–728. h ps://doi.o g/10.1108/MeDaR-07-2020-0949
nilmawa i, n., Un o o, W., hadinug oho, B., & a maji, a. (2021). he ela ionship be ween ceO cha ac e is ics and
le e age: he ole o independen commissione s. The Jou nal o Asian Finance, Economics and Business, 8(4),
787–796.
