The Journal of Finance Volume 72, Issue 1, February 2017, Pages 167–206

那些沒有殺掉你的經曆會使你更加熱愛冒險：生命早期的災難和CEO的行為

作者：Gennaro Bernile (Singapore Management University), Vineet Bhagway (University of Oregon), P. Raghavendra Rau (University of Cambridge)

摘要：有關管理風格方面的文獻認為CEO過去的經曆和公司風險存在一個線性的關系。然而，本篇文章将顯示CEO早期生命當中遭遇緻命性災難的強度和公司的冒險行為是一個非單調的關系。那些經曆災難但是卻沒有遭遇極端負面後果的CEO在領導公司的時候會更激進，但是那些親眼目睹了災難的極端負面的CEO會更保守。這些行為會映射到公司的政策方面，例如舉債，現金持有和并購等。最後，CEO的災難經曆和公司政策的聯系對公司的冒險行為和資本成本都會有經濟後果。

What Doesn't Kill You Will Only Make You More Risk-Loving: Early-Life Disasters and CEO Behavior

Gennaro Bernile (Singapore Management University), Vineet Bhagway (University of Oregon), P. Raghavendra Rau (University of Cambridge)

ABSTRACT

The literature on managerial style posits a linear relation between a chief executive officer's (CEOs) past experiences and firm risk. We show that there is a nonmonotonic relation between the intensity of CEOs’ early-life exposure to fatal disasters and corporate risk-taking. CEOs who experience fatal disasters without extremely negative consequences lead firms that behave more aggressively, whereas CEOs who witness the extreme downside of disasters behave more conservatively. These patterns manifest across various corporate policies including leverage, cash holdings, and acquisition activity. Ultimately, the link between CEOs’ disaster experience and corporate policies has real economic consequences on firm riskiness and cost of capital.

原文鍊接: http://onlinelibrary.wiley.com/doi/10.1111/jofi.12432/full

翻譯：阙江靜