The sample period 2006–2008 is relevant, as the study looks at the association between
risk and performance in a period of escalating risk (the global financial crisis). The
corporate governance profile of the investee firms is examined from 2006, as this provides
a sufficient time lag to account for the Australian Securities Exchange Corporate
Governance Council best practice guidelines that were first introduced in 2004 (Australian
Security Exchange Corporate Governance Council, 2007). The global financial crisis
essentially impacted Australia by the end of January 2008, when the stock market dropped
17% with an ensuing bear market (Brown & Davis, 2008); accordingly, the sample period
ends in 2008.