Fear the loss or welcome the gains? How stock options influence CEO risk-taking in corporate cleantech investments

IF 7.7 1区管理学 Q1 BUSINESS

Journal of Business Venturing Pub Date : 2025-01-10 DOI:10.1016/j.jbusvent.2024.106471

David Bendig, Colin Schulz, Maximilian Möhwald, Patrick Pollok

引用次数: 0

Abstract

This study draws on the behavioral agency model to investigate how stock options incentivize CEO risk-taking related to investments in external clean technology (cleantech) ventures. Using longitudinal data from 540 publicly traded firms, we find that current option wealth is negatively associated with corporate cleantech investments while prospective option wealth is positively associated. The results show that founder CEOs, who exhibit different endowment and risk-bearing patterns than hired CEOs, do not perceive cleantech investments as mixed gambles. These findings advance understanding of the interplay between equity-based incentives, CEO characteristics, and incumbents' pursuit of sustainable business practices.

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害怕失去还是欢迎得到？股票期权如何影响CEO在企业清洁技术投资中的风险承担

本研究利用行为代理模型来探讨股票期权如何激励CEO在投资外部清洁技术（清洁技术）企业时承担风险。利用540家上市公司的纵向数据，我们发现当前期权财富与企业清洁技术投资呈负相关，而未来期权财富与企业清洁技术投资呈正相关。研究结果表明，与聘用ceo相比，创始人ceo的禀赋和风险承担模式有所不同，他们并不认为清洁技术投资是混合赌博。这些发现促进了对股权激励、CEO特征和在职者追求可持续商业实践之间相互作用的理解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Venturing BUSINESS-

CiteScore

16.70

自引率

6.90%

发文量

审稿时长

77 days

期刊介绍： The Journal of Business Venturing: Entrepreneurship, Entrepreneurial Finance, Innovation and Regional Development serves as a scholarly platform for the exchange of valuable insights, theories, narratives, and interpretations related to entrepreneurship and its implications. With a focus on enriching the understanding of entrepreneurship in its various manifestations, the journal seeks to publish papers that (1) draw from the experiences of entrepreneurs, innovators, and their ecosystem; and (2) tackle issues relevant to scholars, educators, facilitators, and practitioners involved in entrepreneurship. Embracing diversity in approach, methodology, and disciplinary perspective, the journal encourages contributions that contribute to the advancement of knowledge in entrepreneurship and its associated domains.