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

那些没有杀掉你的经历会使你更加热爱冒险：生命早期的灾难和CEO的行为

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

摘要：有关管理风格方面的文献认为CEO过去的经历和公司风险存在一个线性的关系。然而，本篇文章将显示CEO早期生命当中遭遇致命性灾难的强度和公司的冒险行为是一个非单调的关系。那些经历灾难但是却没有遭遇极端负面后果的CEO在领导公司的时候会更激进，但是那些亲眼目睹了灾难的极端负面的CEO会更保守。这些行为会映射到公司的政策方面，例如举债，现金持有和并购等。最后，CEO的灾难经历和公司政策的联系对公司的冒险行为和资本成本都会有经济后果。

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.

原文链接: http://onlinelibrary.wiley.com/doi/10.1111/jofi.12432/full

翻译：阙江静