CEO风险承担与公司风险关系-论文展示

CEOPersonalRisk-TakingandCorporatePolicies1243HypothesesDataEmpiricalResultsConclusionCONTENTS5RobustnessMainideaThisstudyanalyzestherelationbetweenCEOpersonalrisk-takingcorporaterisk-takingandtotalfirmrisk.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〕FirmsledbypilotCEOshavehigherequityreturnvolatility.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PilotCEOsengageinelevatedlevelsofacquisitionactivity.风险容忍程度高的CEO会更频繁的进行并购活动CEOriskaversioncontainsmeaningfulvariationofeconomicrelevancetoshareholders,beyondthatwhichisinfluenceddirectlybyshareholdersthroughcompensationstructure.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。1HypothesisdevelopmentH1:Pilotingsmallaircraftisconsistentwithelevatedlevelsofhealthrisk.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:Pilotsareengaginginrisk-takingbehaviorandthatourpilotvariableisthereforeavalidproxyforhealthriskpreferences.H2:PilotCEOswillbepositivelyassociatedwithoverallfirmrisk.CEO个人的风险容忍倾向与公司整体风险是相关的SampleselectionanddataTheinitialsampleofCEOsfromCompustatExecutiveCompensationdatabase.IfagivennamedoesnotproduceamatchintheFAA’sdatabase,thenthisobservationiscodedasanon-pilotandnofurthervalidationisnecessary.Intotal,thefullpanelcovers1016CEO-pilotfirm-yearsand14611CEO-non-pilotfirm-years.22DescriptiveStatistics2DescriptiveStatistics2DescriptiveStatisticsOnly8firmsthatcouldbeconsideredrural.Additionally,whethertheCEOlivesnearthecommercialairportsdoesnotmakeasense.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。MostpilotCEOscouldnotdriveforatypicalbusinesstravel,soitisonlytheirhobby.ItdoesnotappearthatfirmswithpilotCEOsaredisproportionatelylocatedinaviation-relatedindustriesorthatanysingleindustrydominatesthatsample.CEO是否有飞机驾驶资格与行业并无关系。BehavioralconsistencyinRiskAttitudes风险态度和行为的一致性CorporatePolicies企业政策M&AActivityandFirmRisk并购活动与企业风险PersonalRisk-TakingandShareholderValue个人风险承担与股东价值CompensationStructure薪酬结构EmpiricalResults33-1BehavioralConsistencyinRiskAttitudesDependentvariableistheannualizedstandarddeviationoffirm-levelmonthlystockreturnsCEOswhobearelevatedlevelsofhealthriskintheirpersonallivesarewillingtobearelevatedlevelsofoverallfirmriskinntheirprofessionallives.风险容忍程度越大的CEO的企业对风险容忍程度也更大3-2CorporatePoliciesDependentvariableisthebookleverage(totaldebtovertotalassets,winsorizedatthe1%and99%tails)3-2CorporatePoliciesLogitmodel:thedependentvariableequals1ifthefirmannouncesasuccessfulmergerbidinagivenyearCEOsaremorelikelytomakeacquisitionslaterduringtheirtenurewiththefirm.CEO会在他们任职的后期进行一些并购PilotCEOsareabout1.33timesmorelikelytocompleteanacquisitioninanygivenyearthanarenon-pilotCEOs.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&AActivityandFirmRiskM&A_ACTIVITY:equals1ifthefirmcompletesanacquisitioninthegivenyearItappearsthatalthoughM&A_ACITIVITYonaveragedosenotincreasefirmrisk,thetypesoftransactionsexecutedbyrisk-seekingCEOsdotendtoincreasetheriskinessoftheirfirms.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AsubstantialamountoftheincreaseinfirmriskassociatedwithpilotCEOsarisesfromtheCEOs’increasedpropensityformakingacquisitionsthatincreaseriskfortheacquiringfirm3-4PersonalRisk-TakingandShareholderValueDependentvariable:bidderannouncementreturnsRisk-tolerantCEOspursuevalue-increasingacquisitionsatbidderswithfewrecognizableorganicgrowthprospects.Incertainfirmstypes,pilotCEOscancreatevaluebypursuingapolicyofheightenedM&Aactivity.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。3-5CompensationStructureDependentvariable:VEGAofCEOequityandoptionholdingLessrisk-averseCEOsareassociatedwithhigherlevelsofcompensationconvexity.风险容忍的CEO有更高水平的薪酬凸度。HIGH-PERFORMANCE_PAYtakesavalueof1iftheCEO’sperformance-basedcompensationisinthetoptercileofthesampleTherisk-takingproxyisnotsignificantlyrelatedtotheamountofcompensation,onlythestructure.CEO的风险承担程度与薪酬总值无关，只与薪酬结构有关。4.RobustnessThefirstconcern:theinfluenceofsomeindustriesWepurgeallairline-relatedfirmsformthesampleandrecalculateallmodels,andtheresultsremainqualitativelysimilar.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Thesecondconcern:theinfluenceofoverconfidentCEOsOverconfidentCEOspursuevalue-decreasingstrategieswhilepilotCEOstendtopursuevalue-neutralorvalue-increasinggrowthopportunities.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Thethirdconcern:thewealthofthesampleCEOsdiffersFinancialconstrainsarenotlikelytobeameaningfuldeterrentintheirchoicetoforegoprivatepiloting.MostofpilotCEOsonlytakeflyingastheirhobby.经济制约并不会影响CEO们对飞行、冒险的追求。5.ConclusionCEOs’toleranceforriskinnon-pecuniarycontextshasexplanatorypowerforcorporateprojectselectionandoverallfirmrisk.CEO对非金钱的风险容忍程度对企业工程的选择和企业整体风险都有一定的解释度PilotCEOsengageinelevatedlevelsofacquisitionactivityandtheacquisitiontheyleadleadstosigni