CEO入学年龄与企业风险的关系

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2025-04-11 DOI:10.1016/j.jbankfin.2025.107457

Junru Guo , Jia He , Sibo Liu , Yonglin Wang

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引用次数: 0

摘要

我们研究了CEO相对年龄对公司风险承担的影响，CEO相对年龄是一种早期生活测量，定义为与小学入学截止日期政策确定的同一学校队列中其他人的相对年龄。我们的分析基于经理人出生月份的随机性，并使用了一个包含来自1011家中国上市公司的2595名ceo出生月份信息的新数据集。我们发现，与拥有“相对年轻”ceo的公司相比，拥有“相对年长”ceo的公司，即那些在入学时比同学年长的ceo，在盈利能力和股票回报方面具有更大的波动性，更积极地使用债务融资，从事更多元化和价值破坏的收购，并且业绩恶化。结果是稳健的电池的替代规格。

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CEO relative age at school entry and corporate risk-taking

We investigate the effect of CEO relative age, an early-life measure defined as age relative to others in the same school cohort determined by the cutoff date policy at primary school entry, on corporate risk-taking. We base our analysis on the arguable randomness of managers’ birth months and a novel data set containing the birth month information of 2,595 CEOs from 1,011 Chinese listed firms. We find that firms with “relatively older” CEOs, i.e., those who were older than their classmates at school entry, compared with firms with “relatively younger” CEOs, have greater volatility in their profitability and stock returns, use debt financing more aggressively, engage in more diversifying and value-destroying acquisitions, and experience deteriorating performance. The results are robust to a battery of alternative specifications.

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.