Abstract

This study examined how both board composition and ownership structure impact the riskiness and value ofpublicly traded non-financial firms in Jamaica. The study found that increasing managerial ownership wasassociated with larger weekly returns. In addition, the riskiness of the firm was influenced by the ownershipstructure and board composition. Specifically, riskier firms have a greater percentage of inside directors andhave top ten shareholders that hold a smaller fraction of the firm. Even though inside directors are associatedwith riskier firms, these directors did not appear to increase firm value as measured by weekly returns of theirfirms.

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