The impact of subordinate executives’ comparative confidence and competence on corporate risk-taking

IF 2.3 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2026-06-12 Epub Date: 2025-07-04 DOI:10.1111/jfir.70004

Md Raihan Uddin Chowdhury, Abdullah-Al Masum, Feixue Xie

引用次数: 0

Abstract

Our findings reveal that subordinate executives with higher comparative confidence and competence in overseeing CEO actions drive greater corporate risk-taking, notably through strategic investments and financing activities that enhance firm value. These include capital expenditures, research and development (R&D), intangible assets, advertising, and financing via cash, equity, and leverage, which collectively account for about 46.68% of return on assets volatility and 27.75% of cash flow volatility. The impact is particularly strong in competitive and complex business environments but diminishes with higher executive age and tenure.

查看原文本刊更多论文

下属高管相对信心和能力对企业风险承担的影响

我们的研究结果表明，下属高管在监督CEO行为方面具有较高的相对信心和能力，从而推动企业承担更大的风险，特别是通过提升企业价值的战略投资和融资活动。这些包括资本支出、研发、无形资产、广告以及通过现金、股权和杠杆融资，这些合计约占资产波动率的46.68%和现金流波动率的27.75%。在竞争激烈和复杂的商业环境中，这种影响尤其强烈，但随着高管年龄和任期的增加，这种影响会减弱。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.