The Impact of Board Governance on Firm Risk among China’s A-Share Market-Listed Companies from 2010 to 2019
Round 1
Reviewer 1 Report
The scientific article that we had to assess is high quality work. It is clear, precise, relevant, the methodology is clearly presented, the demonstration is of quality and allows a valid answer to the questions asked. The bibliographical references are numerous, recent, of quality, in short it is about a very relevant scientific analysis which I propose to validate as it is.
Author Response
Thank you for your comments. The innovation of this paper is to explore the impact of the directors' two major responsibilities on the upside risk and the downside risk of Chinese enterprise respectively during the period 2010-2019. The empirical results are compared with the results of the references, and some support is obtained. The references in this article are related to board governance and risk management. A large number of literatures have been published in the last five years. Literatures on agency theory and resource dependence theory use early classical literatures, and the measurement methods of variables refer to early mature literatures.
Author Response File: 
Author Response.docx
Reviewer 2 Report
The paper is too lengthy that can be reduce to keep the readers interest. Some sentences are very long and it can be reduce in short sentences, i.e., "It is found that the sample enterprises pay more attention to the supervisory function of the board of directors and reduce the overall risk of the enterprise by improving the governance level to reduce the downside risk and the upside risk when performing the function".
The topic seems to be original and addressed the gap to find the impact of the Board of Governance on firms risk in China during the period 2010-2019.
It adds to the subject area by framing and testing the hypotheses from literature review and concluded the results on the basis of data analysed.
Methodology is sound by framing the hypotheses and testing as per hypotheses testing procedure.
The conclusions are consistent with the evidence and arguments presented
and they addressed the main question of the research.
References are appropriate and logical.
Paper seems too lengthy with too many tables that can be reduced/merged/appendices to keep the reader's interest.
Author Response
Please see the attachment.
Author Response File: Author Response.docx
Reviewer 3 Report
Title: The Impact of Board Governance on Firm Risk of China's A Share Market Listed Companies from 2010-2019
After reviewing this article, I think it is potential for publication but the authors should revise as comments below:
- In the literature review, the authors should review recent studies relating to corporate governance and risk management. I suggest the authors review and cite some recent studies such as; Dang and Nguyen (2021); Nguyen (2022b); Nguyen and Dang (2022); Nguyen (2022a); Nguyen (2022c)… (see reference).
- In section 4.1, the authors should explain why data start in 2010 and end at 2019.
- The authors should show the VIF value of variables.
- In the discussion, the authors need to show how the results support or reject each hypothesis.
- There are some typos and grammatical errors, you must check it again carefully.
References
Dang, V. C., & Nguyen, Q. K. (2021). Internal corporate governance and stock price crash risk: evidence from Vietnam. Journal of Sustainable Finance & Investment, 1-18. doi:10.1080/20430795.2021.2006128
Nguyen, Q. K. and Dang, V. C (2022). The impact of risk governance structure on bank risk management effectiveness: evidence from ASEAN countries. Heliyon, e11192.
Author Response
Please see the attachment.
Author Response File: Author Response.docx
Reviewer 4 Report
The research does not have much contribution, and many similar researches have covered this topic.
Author Response
Thank you for your comments. Based on the dual perspectives of board consultation and supervision, this paper enriches the research on the consequences of board governance. The existing researches mainly focus on the impact of supervisory function on risk management. Besides, in this paper, the application of risk management in board governance is discussed by integrating the upside and downside risk of enterprises. Previous studies still focus on total risk or idiosyncratic risk in the selection of proxy variables for firm risk. Finally, internal mechanism and boundary conditions of board governance that affect firm risk are explored in this paper. Although many scholars have studied the impact of board meeting and CEO duality on enterprise risk, but they have not combined the two functions of the board. In addition, I have revised the theoretical implications and practical implications in this paper.
Author Response File: 
Author Response.pdf
Round 2
Reviewer 3 Report
This version is much better, however, authors should consider and make minor edits such as the following comments:
- In the literature section, the authors review and mention not fully as my previous comment. Maybe due to my omission in the reference section, the authors can refer to and mention some further previous studies such as Nguyen (2022a); Nguyen (2022b)…
- Tables 3a and 3b should be tables 3 and 4.
- There are still some typos and grammatical errors. For example, above section 6, page 16, I see "6." with no content. The authors should recheck carefully.
References
Nguyen, Q. K. (2022a). Audit committee effectiveness, bank efficiency and risk-taking: Evidence in ASEAN countries. Cogent Business & Management, 9(1), 2080622.
Nguyen, Q. K. (2022b). Audit committee structure, institutional quality, and bank stability: evidence from ASEAN countries. Finance Research Letters, 46, 102369.
Author Response
Please see the attachment.
Author Response File: Author Response.docx
Reviewer 4 Report
Conclusion part can be improved, by comparing conceptual framework of other researches with current research.
Author Response
Thank you for your comments. I have revised the conclusion part according to your suggestion.
Author Response File: Author Response.docx
