![CEO风险承担与公司风险关系 论文展示_第1页](http://file2.renrendoc.com/fileroot_temp3/2021-11/1/0ede25a8-0e45-4f80-a09f-4bcdd5565a93/0ede25a8-0e45-4f80-a09f-4bcdd5565a931.gif)
![CEO风险承担与公司风险关系 论文展示_第2页](http://file2.renrendoc.com/fileroot_temp3/2021-11/1/0ede25a8-0e45-4f80-a09f-4bcdd5565a93/0ede25a8-0e45-4f80-a09f-4bcdd5565a932.gif)
![CEO风险承担与公司风险关系 论文展示_第3页](http://file2.renrendoc.com/fileroot_temp3/2021-11/1/0ede25a8-0e45-4f80-a09f-4bcdd5565a93/0ede25a8-0e45-4f80-a09f-4bcdd5565a933.gif)
![CEO风险承担与公司风险关系 论文展示_第4页](http://file2.renrendoc.com/fileroot_temp3/2021-11/1/0ede25a8-0e45-4f80-a09f-4bcdd5565a93/0ede25a8-0e45-4f80-a09f-4bcdd5565a934.gif)
![CEO风险承担与公司风险关系 论文展示_第5页](http://file2.renrendoc.com/fileroot_temp3/2021-11/1/0ede25a8-0e45-4f80-a09f-4bcdd5565a93/0ede25a8-0e45-4f80-a09f-4bcdd5565a935.gif)
版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
1、CEO Personal Risk-Taking and Corporate Policies1243HypothesesDataEmpirical ResultsConclusion CONTENTS5RobustnessMain idea This study analyzes the relation between CEO personal risk-taking corporate risk-taking and total firm risk.主要分析了CEO个人的风险承担倾向和企业的风险承担承担及企业整体风险之间的关系.(用CEO是否有飞机驾驶资格作为风险承担的衡量)l Firm
2、s led by pilot CEOs have higher equity return volatility.风险容忍程度更高的CEO的企业的净资产收益率的波动率更高l Pilot CEOs engage in elevated levels of acquisition activity.风险容忍程度高的CEO会更频繁的进行并购活动l CEO risk aversion contains meaningful variation of economic relevance to shareholders, beyond that which is influenced directly
3、by shareholders through compensation structure. CEO的风险容忍程度通过薪酬结构对股东价值有一定的影响。1Hypothesis developmentuH1:Piloting small aircraft is consistent with elevated levels of health risk.驾驶小型飞机可以说明这个人对风险的容忍程度较高 P.s: Pilots are engaging in risk-taking behavior and that our pilot variable is therefore a valid p
4、roxy for health risk preferences.uH2:Pilot CEOs will be positively associated with overall firm risk. CEO个人的风险容忍倾向与公司整体风险是相关的Sample selection and data The initial sample of CEOs from Compustat Executive Compensation database. If a given name does not produce a match in the FAAs database, then this o
5、bservation is coded as a non-pilot and no further validation is necessary. In total, the full panel covers 1016 CEO-pilot firm-years and 14611 CEO-non-pilot firm-years. 22Descriptive Statistics2Descriptive Statistics2Descriptive Statistics Only 8 firms that could be considered rural. Additionally, w
6、hether the CEO lives near the commercial airports does not make a sense. 只有极少数的企业是在偏远的地方,交通不便的影响可以忽略。 Most pilot CEOs could not drive for a typical business travel, so it is only their hobby. It does not appear that firms with pilot CEOs are disproportionately located in aviation-related industries
7、or that any single industry dominates that sample.CEO是否有飞机驾驶资格与行业并无关系。l Behavioral consistency in Risk Attitudes 风险态度和行为的一致性l Corporate Policies 企业政策l M&A Activity and Firm Risk 并购活动与企业风险l Personal Risk-Taking and Shareholder Value 个人风险承担与股东价值l Compensation Structure 薪酬结构Empirical Results33-1Beh
8、avioral Consistency in Risk AttitudesDependent variable is the annualized standard deviation of firm-level monthly stock returnsCEOs who bear elevated levels of health risk in their personal lives are willing to bear elevated levels of overall firm risk inn their professional lives. 风险容忍程度越大的CEO的企业对
9、风险容忍程度也更大3-2Corporate PoliciesDependent variable is the book leverage( total debt over total assets, winsorized at the 1% and 99% tails)3-2Corporate PoliciesLogit model: the dependent variable equals 1 if the firm announces a successful merger bid in a given year CEOs are more likely to make acquisi
10、tions later during their tenure with the firm. CEO会在他们任职的后期进行一些并购Pilot CEOs are about 1.33 times more likely to complete an acquisition in any given year than are non-pilot CEOs.在固定的一年里,有飞行员资格的CEO更有可能去完成企业的并购。3-3M&A Activity and Firm RiskM&A_ACTIVITY: equals 1 if the firm completes an acquis
11、ition in the given yearIt appears that although M&A_ACITIVITY on average dose not increase firm risk, the types of transactions executed by risk-seeking CEOs do tend to increase the riskiness of their firms.并购活动本身可能并不会增加企业风险,但风险容忍程度大的CEO的选择可能反而会增加企业风险A substantial amount of the increase in firm
12、risk associated with pilot CEOs arises from the CEOs increased propensity for making acquisitions that increase risk for the acquiring firm3-4Personal Risk-Taking and Shareholder ValueDependent variable: bidder announcement returnsRisk-tolerant CEOs pursue value-increasing acquisitions at bidders wi
13、th few recognizable organic growth prospects. In certain firms types, pilot CEOs can create value by pursuing a policy of heightened M&A activity.风险容忍的CEO 总是会去追求少数知名的有增长前景的标的公司来增加收购价值,所以可以得到在某些企业,CEO可以通过一些并购活动创造价值。3-5Compensation StructureDependent variable: VEGA of CEO equity and option holding
14、Less risk-averse CEOs are associated with higher levels of compensation convexity.风险容忍的CEO有更高水平的薪酬凸度。HIGH-PERFORMANCE_PAY takes a value of 1 if the CEOs performance-based compensation is in the top tercile of the sampleThe risk-taking proxy is not significantly related to the amount of compensation,
15、 only the structure. CEO的风险承担程度与薪酬总值无关,只与薪酬结构有关。4.Robustnessl The first concern: the influence of some industries We purge all airline-related firms form the sample and recalculate all models, and the results remain qualitatively similar.排除了所有与航空相关的行业的企业进行实验,仍然得到相同的结论l The second concern: the influe
16、nce of overconfident CEOs Overconfident CEOs pursue value-decreasing strategies while pilot CEOs tend to pursue value-neutral or value-increasing growth opportunities.过分自信的CEO总是会追求价值下降的策略而冒险的CEO们会追求价值中性或价值上升的策略l The third concern: the wealth of the sample CEOs differs Financial constrains are not li
17、kely to be a meaningful deterrent in their choice to forego private piloting. Most of pilot CEOs only take flying as their hobby.经济制约并不会影响CEO们对飞行、冒险的追求。5.Conclusionl CEOs tolerance for risk in non-pecuniary contexts has explanatory power for corporate project selection and overall firm risk. CEO对非金钱的风险容忍程度对企业项目的选择和企业整体风险都有一定的解释度l Pilot CEOs engage in elevated levels of acquisition activity and the acquisition they lead leads to significantl
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 脊髓囊肿手术相关伦理规范探讨
- 全栈托管服务的整合
- 盐酸克仑特罗栓耐药性机制的药效学模型
- 图书馆阅读推广的评估方法与指标
- 超细粉市场需求预测与规划
- 学科德育教案合集
- 小学语文教案封皮
- 小学信息技术scratch教案
- 小学科学教案我们吃什么
- IT课程设计简历
- 空白的化学元素周期表
- 国家综合性消防救援队伍消防员管理规定
- 培训机构学员报名表
- 初中生物八年级上册第五单元第四章第一节 细菌和真菌的分布(第一课时)教案
- 沥青路面施工工艺流程图
- 六年级上册数学课件-5.3 圆的面积 ︳青岛版 (共79张PPT)
- 花城版小学五年级音乐上册教案全册
- 工程材料课程讲稿
- 三年级上册中华诵国学经典编辑诵读教案
- 全国心理健康教育与咨询示范中心建设方案
- 一年级上册语文:《我是中国人》 课件 (共26张PPT) 部编版
评论
0/150
提交评论