The impact of rookie CEOs on corporate risk-taking

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-21 DOI:10.1016/j.irfa.2025.104659

Linfei Zhong, Yuanqiong He

引用次数: 0

Abstract

Herein, 42,517 firm-year observations spanning 2000–2023 from A-share listed Chinese companies were examined concerning the effect of rookie CEOs on corporate risk-taking and its underlying mechanisms. Notably, rookie CEOs remarkably increased corporate risk-taking, and they remain valid while using alternative measures and propensity score matching. The key regression coefficient was β = 0.005 on Risktaking1. Mechanism analysis also indicated that rookie CEOs promote higher risk-taking by enhancing firm agility and strengthening managerial power. Furthermore, heterogeneity tests show a stronger effect in firms that lack political connections, have overconfident management, and possess a lower share of male executives. This study reported the role of rookie CEOs in strategic decision-making and offered policy implications for corporate governance. Boards of directors should set ex-ante risk constraints during the initial 3 years of CEO tenure to balance high-risk strategies with the requirement for long-term sustainable growth.

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新任ceo对企业风险承担的影响

本文对中国a股上市公司2000年至2023年期间的42517个公司年度观察结果进行了分析，探讨了新任ceo对公司风险承担的影响及其潜在机制。值得注意的是，新手ceo显著增加了企业的冒险行为，并且在使用替代度量和倾向得分匹配时，它们仍然有效。风险承担的关键回归系数为β = 0.005。机制分析还表明，新手ceo通过提高企业敏捷性和强化管理权力来促进企业承担更高的风险。此外，异质性检验显示，在缺乏政治关系、管理层过度自信、男性高管比例较低的公司中，这种效应更强。本研究报告了新任ceo在战略决策中的作用，并为公司治理提供了政策启示。董事会应在CEO任期的前3年设定预先的风险约束，以平衡高风险战略与长期可持续增长的要求。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.