CEO风险承担与公司风险关系 论文展示

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