Do CEO characteristics matter for corporate risk taking? Evidence from Russia

IF 5.5 Q1 BUSINESS

Corporate Governance-The International Journal of Business in Society Pub Date : 2023-01-24 DOI:10.1108/cg-07-2022-0301

Conrado Diego García-Gómez, M. Zavertiaeva, Felix J. López Iturriaga

引用次数: 3

Abstract

Purpose This paper aims to study the impact of CEOs’ personality and social connections on corporate risk-taking in the Russian market. Design/methodology/approach Using a sample of 93 large listed Russian corporations between 2008 and 2016, this study tests a range of personal traits, including the classical personal characteristics like age and tenure, some country-specific traits such as connections and military experience, as well as other human and social capital characteristics. Findings This study finds non-linear relationships between corporate risk-taking and CEO age and tenure. This study also finds that firms run by CEOs with military experience take more corporate risk. On the CEOs’ social capital side, this study’s results suggest that both political and educational connections are positively related to corporate risk-taking. Originality/value This study also tests some traits that have usually been ignored by the literature, such as marital and family status.

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CEO的特质对企业的风险承担有影响吗?来自俄罗斯的证据

本文旨在研究ceo人格和社会关系对俄罗斯市场企业风险承担的影响。本研究以2008年至2016年间的93家俄罗斯大型上市公司为样本，测试了一系列个人特征，包括年龄和任期等经典个人特征，关系和军事经验等一些特定国家特征，以及其他人力和社会资本特征。研究发现:公司风险承担与CEO年龄和任期之间存在非线性关系。该研究还发现，拥有军事经验的首席执行官经营的公司承担更多的企业风险。在ceo的社会资本方面，本研究的结果表明，政治和教育关系都与企业风险承担呈正相关。原创性/价值本研究还测试了一些通常被文献所忽略的特征，如婚姻和家庭状况。

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

Corporate Governance-The International Journal of Business in Society BUSINESS-

CiteScore

11.20

自引率

33.90%

发文量

期刊介绍： Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.