Firm Risk-Taking and CEO Visibility

被引：5

作者：

Liu, Yixin ^{[1
]}

Zhang, Yilei ^{[2
]}

Jiraporn, Pornsit ^{[3
]}

机构：

[1] Univ New Hampshire, Peter T Paul Coll Business & Econ, Dept Accounting & Finance, Durham, NH 03820 USA

[2] Univ North Carolina Charlotte, Belk Coll Business, Dept Finance, Charlotte, NC 28223 USA

[3] Penn State Univ, Great Valley Sch Grad Profess Studies, Malvern, PA 19355 USA

来源：

QUARTERLY JOURNAL OF FINANCE | 2016年 / 6卷 / 03期

关键词：

CEO visibility; risk-taking; firm policies; credit rating;

D O I：

10.1142/S2010139216500105

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the relationship between CEO visibility and corporate risk-taking. The empirical results show that more visible CEOs tend to take more risk. A one-standard-deviation shock in the CEOs media exposure results in a 6.53% rise in total risk. We further investigate the channels of risk-taking activities and find that more visible CEOs seek more R&D investments. The positive effect of CEO visibility on firm risk policies is clearly of concern to bondholders. Consistent with this view, we report that CEO visibility has a significant negative effect on firm credit ratings. Our results highlight the importance of CEO visibility on a crucial corporate outcome - the extent of corporate risk-taking.

引用

页数：23

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