技术与创新管理2024，Vol.45Issue(6)：681-692,12.DOI:10.14090/j.cnki.jscx.2024.0608
管理者特征的印记效应研究:CEO被解雇经历与公司风险承担
The Imprint Effect of Managerial Characteristics:CEO Dismissal Experience and Firm Risk-taking
摘要
Abstract
Shanghai and Shenzhen A-share listed companies from 2009 to 2022 were selected to study the effect of CEO's dismissal experience on the level of firm risk-taking,and the moderating effect be-tween CEO dismissal experience and firm risk-taking was further explored based on CEO gender,nature of ownership and CEO shareholding.The research finds that the CEO dismissal experience significantly reduces the level of firm risk-taking,i.e.,CEOs tend to be more risk-averse when they have dismissal experience,and this finding still holds after robustness testing.The research also finds that CEO gender has no significant effect on the relationship between the two,while the effect of CEO dismissal experi-ence on firm risk-taking is more significant in the SOE group and in the sample with no CEO share-holding.Further study finds that CEO dismissal experience reduces the risky investment behavior of firms,as evidenced by reduced innovation investment and reduced specialization.The study enriches the research on the factors influencing firm risk-taking from the micro level of CEO dismissal experience,which has some reference value for the selection and hiring of CEOs of listed companies in China.关键词
CEO被解雇经历/风险承担/印记效应/高管特征/风险规避Key words
CEO dismissal experience/risk-taking/imprint effect/executive characteristics/risk aver-sion分类
管理科学引用本文复制引用
薛坤坤,陈潇潇..管理者特征的印记效应研究:CEO被解雇经历与公司风险承担[J].技术与创新管理,2024,45(6):681-692,12.基金项目
国家自然科学基金青年项目(72002205) （72002205）
河南省哲学社会科学规划项目(2021CJJ150) （2021CJJ150）
