“…Second, the expanding literature investigates the impact of institutional (Suto & Toshino, 2005;Kabir et al, 2020), foreign (Ahmadjian & Robbins, 2005;Nagaoka, 2006;Sueyoshi, Goto, & Omi, 2010) and concentrated ownership (Nguyen, 2011) on firm risk-taking. In addition, the extant literature provides evidence on the impact of insider ownership on firm performance (Iturralde, Maseda, & Arosa, 2011;Jain, Gunasekar, & Balasubramanian, 2020). However, the impact of insider ownership on default risk remains largely unexplored.…”