Econ Papers Daily / 期刊论文
CEO的风险承担：幼年时期接触社会暴力的作用
Risk-taking by CEOs: Role of exposure to social violence in early childhood
摘要
Utilizing the Cultural Revolution as the source of social violence, we explore the effect of childhood and early adolescence (ages 5–15) experience of social violence on CEO’s risk-taking behavior. We document that CEOs who experienced higher levels of social violence during this formative period are less likely to engage in M&A and innovation activity. Our results are robust to alternative explanations and statistical exercises. Further analyses show that this effect takes effect by affecting people’s mental health. Given that our treatment is distinct from the events in prior studies (e.g., natural disasters or economic depression), this study enriches our understanding of the origin of managerial risk-taking incentives.
中文摘要
以文化大革命作为社会暴力的来源，我们探讨了童年期和青春期早期（5至15岁）经历社会暴力对CEO风险承担行为的影响。我们发现，在这一成长关键期经历更高程度社会暴力的CEO，更不可能参与并购和创新活动。我们的结果在替代性解释和统计检验下均保持稳健。进一步分析表明，这一效应是通过影响人们的心理健康而发挥作用的。鉴于我们的处理不同于以往研究中的事件（如自然灾害或经济萧条），本研究丰富了我们对管理者风险承担激励起源的理解。