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【Pacific-Basin Finance Journal】CEO的早期经历与公司政策:来自中国三年大饥荒的证据

作者:     日期:2017-09-13    来源:

Pacific-Basin Finance Journal Volume 46, Part A, December 2017, Pages 57-77

 

CEO的早期经历与公司政策:来自中国三年大饥荒的证据

作者:Le Zhang (UNSW Australia)

摘要:我们研究了遭遇中国三年大饥荒的首席执行官们的公司政策作风。通过利用各省间饥荒强度的不同,我们发现在童年时期经历过更强烈饥荒的CEO们更不愿冒险。他们使用较少的债务,持有更多的现金,并减少收购。然而,他们的收购表现得更好,他们的股票回报率也没有很大波动。我们的发现支持了这样一种观点,即早期生活经验会影响首席执行官的风险偏好。

CEOs' early-life experiences and corporate policy: Evidence from China's great famine

Le Zhang (UNSW Australia)

ABSTRACT

We examine the style of famine CEOs (CEOs who experienced China's Great Famine) in their corporate policy. By exploiting the variation in famine intensity across provinces, we find that CEOs who experienced more intense famines during their childhood are more risk averse. They use less debt, hold more cash, and perform fewer takeovers. However, their takeovers perform better, and their stock returns are less volatile. Our findings support the view that early-life experience affects CEOs' risk preference.

原文链接:http://www.sciencedirect.com/science/article/pii/S0927538X17300136

翻译:阙江静