CEO职业生涯关注与公司业绩波动性——来自我国上市公司的经验证据

发布时间：2018-04-11 06:22

本文选题：职业生涯关注 + CEO年龄　；参考：《山西财经大学学报》2017年07期

【摘要】：以1999-2014年我国沪深两市上市公司为样本,从管理者个人特征的角度出发,研究CEO职业生涯关注对上市公司业绩波动性的影响。以CEO年龄和新上任哑变量代理CEO职业生涯关注,从总体业绩波动性、纵向业绩波动性和横向业绩离散度三个方面构建公司业绩波动性代理变量。研究发现,CEO职业生涯关注对上市公司业绩波动性具有显著影响。具体而言,职业生涯关注较高的(年轻的或者新上任的)CEO所经营的公司具有更高的业绩波动性。本文的研究有助于进一步认识公司业绩波动性的影响因素,也丰富了CEO个人特征和公司决策的相关研究。
[Abstract]:Based on the sample of listed companies in Shanghai and Shenzhen stock markets from 1999 to 2014, this paper studies the impact of CEO career concern on the performance volatility of listed companies from the perspective of managers' personal characteristics.Based on the age of CEO and the new dummy variable acting on CEO's career, the proxy variables of corporate performance volatility are constructed from three aspects: overall performance volatility, longitudinal performance volatility and horizontal performance dispersion.The study found that CEO career concerns have a significant impact on the performance volatility of listed companies.In particular, career focus is higher (companies run by young or new CEOs have higher performance volatility.The research in this paper is helpful to further understand the influencing factors of corporate performance volatility, and also enriches the personal characteristics of CEO and related research on corporate decision-making.
【作者单位】：武汉大学经济与管理学院;
【基金】：教育部人文社会科学基金(12YJA790150,董事会治理、经理人薪酬与企业投资效率研究——基于经理人短视行为的视角) 自然科学基金国际合作项目(71661137003,法、金融与经济增长之再考察——中国的变革挑战与英国等国的经验) 中央高校基本科研业务费专项资金的资助项目
【分类号】：F272.91;F275;F832.51

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