CEO mobility and corporate policy risk

Gonul Colak; Timo Korkeamäki

doi:10.1016/j.jcorpfin.2021.102037

CEO mobility and corporate policy risk

Gonul Colak^*, Timo Korkeamäki

^*Huvudförfattare för detta arbete

Finansiell ekonomi, Helsingfors

Aalto University

Forskningsoutput: Tidskriftsbidrag › Artikel › Vetenskaplig › Peer review

23 Citeringar (Scopus)

Sammanfattning

Career concerns can limit a manager's willingness to take risks, which can lead to excessive policy conservatism. An increase in a CEO's ability and willingness to change jobs (CEO mobility) can diversify her human capital and reduce her conservatism. We derive several CEO mobility measures and relate them to a policy riskiness index that captures the overall risk embedded in a firm's corporate policies. We find a strong positive relation between CEO mobility and the riskiness of corporate policies. We also link external regulatory shocks that constrain labor mobility to significant drops in corporate risk-taking.

Originalspråk	Engelska
Artikelnummer	102037
Referentgranskad vetenskaplig tidskrift	Journal of Corporate Finance
Volym	69
Antal sidor	28
ISSN	0929-1199
DOI	https://doi.org/10.1016/j.jcorpfin.2021.102037
Status	Publicerad - 08.07.2021
MoE-publikationstyp	A1 Originalartikel i en vetenskaplig tidskrift

Nyckelord

512 Företagsekonomi

FN:s SDG:er

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10.1016/j.jcorpfin.2021.102037Licens: CC BY

1-s2.0-S0929119921001590-mainPublicerad version, 899 KBLicens: CC BY

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CEO mobility and corporate policy risk

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