具有金融背景的首席执行官与企业风险承担

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE
Dianlong Wei, Chunhua Luo, Jinjing Lu
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引用次数: 0

摘要

本研究考察了ceo财务背景特征对企业风险承担的影响。尽管之前的研究广泛地考察了ceo的财务背景特征如何影响企业行为,但很少有人关注其对企业风险承担的影响。利用2008年至2020年3468家中国上市公司26,084个公司年的观察样本,我们检验了ceo的背景特征,特别是金融背景是否影响公司的风险承担。我们发现,具有金融背景的CEO倾向于承担更高水平的企业风险。此外,我们的研究结果表明,这些ceo通过缓解融资约束、促进产业和金融资本的整合以及促进企业金融化来增加企业的风险承担。总的来说,我们的研究结果从ceo的经验角度提供了见解,有助于研究高管财务背景与企业风险承担之间关系的文献。这些研究结果对企业在高管选择、管理团队优化以及促进产融融合方面具有重要的启示意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
CEOs With a Financial Background and Corporate Risk-Taking

This study assesses the effect of CEOs' financial background characteristics on corporate risk-taking. Although previous studies have extensively examined how CEOs' financial background characteristics influence firm behavior, few have focused on their effects on corporate risk-taking. Using a sample of 26,084 firm-year observations of 3468 listed firms in China between 2008 and 2020, we examine whether CEOs' background characteristics, particularly having a financial background, affect corporate risk-taking. We find that a CEO with a financial background tends to adopt higher levels of corporate risk-taking. Moreover, our findings suggest that these CEOs increase corporate risk-taking by alleviating financing constraints, fostering the integration of industrial and financial capital, and promoting the financialization of enterprises. Overall, our findings contribute to the literature on the relationship between executives' financial backgrounds and corporate risk-taking by offering insights from the perspective of CEOs' experience. These results have important implications for firms in terms of executive selection, management team optimization, and fostering greater integration between industry and finance.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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