An international analysis of CEO social capital and corporate risk-taking

被引：44
|
作者：
Ferris, Stephen P. [1 ]
Javakhadze, David [2 ]
Rajkovic, Tijana [3 ]
机构：
[1] Univ Missouri, Dept Finance, 404 F Cornell Hall, Columbia, MO 65211 USA
[2] Florida Atlantic Univ, Coll Business, Boca Raton, FL 33431 USA
[3] San Jose State Univ, Lucas Coll Business, San Jose, CA 95192 USA
来源：
EUROPEAN FINANCIAL MANAGEMENT | 2019年 / 25卷 / 01期
关键词：
corporate risk-taking; social capital; social networks; BOARD CONNECTIONS; SMALL WORLD; NETWORKS; FIRM; GOVERNANCE; OWNERSHIP; MATTER; COSTS; POWER; INSTITUTIONS;
D O I：
10.1111/eufm.12156
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the effects of CEO social capital on corporate risk-taking around the world. We document a significant positive relation between CEO social capital and aggregate corporate risk-taking. Further, we find that CEOs with large social capital prefer riskier investment and financial policies. We also determine that the effect of CEO social capital on corporate risk-taking is moderated by the extent of legal protections provided to shareholders, the financial development, and the culture of the country in which a firm is incorporated. Our results are robust to alternative proxies of risk-taking, alternative model specifications, and tests for endogeneity.
引用
收藏
页码：3 / 37
页数：35
相关论文
共 50 条
  • [21] Does social capital influence executive risk-taking incentives?
    Jiraporn, Pornsit
    Lee, Sang Mook
    Shim, Hyeongsop
    FINANCE RESEARCH LETTERS, 2022, 49
  • [22] Political institutions and corporate risk-taking: International evidence
    Bao, Helen X. H.
    Cardoza, Rohan
    INTERNATIONAL REVIEW OF FINANCE, 2023, 23 (04) : 777 - 793
  • [23] Quality of Bank Capital, Competition, and Risk-Taking: Some International Evidence
    Li, Shaofang
    EMERGING MARKETS FINANCE AND TRADE, 2021, 57 (12) : 3455 - 3488
  • [24] Employment protection and corporate risk-taking
    Tran, Quoc Trung
    FINANCE RESEARCH LETTERS, 2023, 51
  • [25] Problem Directors and Corporate Risk-Taking
    Bhuiyan, Md. Borhan Uddin
    Liu, Jia
    Alam, Ashraful
    BRITISH JOURNAL OF MANAGEMENT, 2024, 35 (03) : 1530 - 1558
  • [26] Religiosity and corporate risk-taking: evidence from Italy
    Cebula, Richard J.
    Rossi, Fabrizio
    JOURNAL OF ECONOMICS AND FINANCE, 2021, 45 (04) : 751 - 763
  • [27] The influence of CEO demographic characteristics on corporate risk-taking: evidence from Chinese IPOs
    Farag, Hisham
    Mallin, Chris
    EUROPEAN JOURNAL OF FINANCE, 2018, 24 (16): : 1528 - 1551
  • [28] How to make ladies take higher risk? Female executives and corporate risk-taking in China: board social capital and marketization
    Liu, Xin
    Cui, Shengda
    Du, Chenxi
    Brisker, Eric R.
    INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2024,
  • [29] Corporate Social Responsibility and Social Capital
    Lombardo, Rosetta
    PROCEEDINGS OF THE EUROPEAN CON FERENCE ON INTELLECTUAL CAPITAL, 2009, : 305 - 313
  • [30] CEO Contract Design Regulation and Risk-Taking
    Sauset, Johannes
    Waller, Phillip
    Wolff, Michael
    EUROPEAN ACCOUNTING REVIEW, 2015, 24 (04) : 685 - 725
12345