Managerial attitudes and corporate actions

被引：730

作者：

Graham, John R. ^{[1
,2
]}

Harvey, Campbell R. ^{[1
,2
]}

Puri, Manju ^{[1
,2
]}

机构：

[1] Duke Univ, Fuqua Sch Business, Durham, NC 27708 USA

[2] Natl Bur Econ Res, Cambridge, MA 02912 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2013年 / 109卷 / 01期

关键词：

Managers; Attitudes; Personality traits; Risk-aversion; Capital structure; Debt; Acquisitions; Corporate policies; Behavioral corporate finance; LABOR-MARKET OUTCOMES; CEO OVERCONFIDENCE; OPTIMISM; FINANCE; HEIGHT; LIFE; INVESTMENT; INCENTIVES; DECISIONS; RISK;

D O I：

10.1016/j.jfineco.2013.01.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We administer psychometric tests to senior executives to obtain evidence on their underlying psychological traits and attitudes. We find US CEOs differ significantly from non-US CEOs in terms of their underlying attitudes. In addition, we find that CEOs are significantly more optimistic and risk-tolerant than the lay population. We provide evidence that CEOs' behavioral traits such as optimism and managerial risk-aversion are related to corporate financial policies. Further, we provide new empirical evidence that CEO traits such as risk-aversion and time preference are related to their compensation. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：103 / 121

页数：19

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