Do younger CEOs really increase firm risk? Evidence from sudden CEO deaths

被引：6
|
作者：
Trabert, Sebastian [1 ]
机构：
[1] Univ Goettingen, Pl Gottinger Sieben 3, D-37073 Gottingen, Germany
来源：
JOURNAL OF CORPORATE FINANCE | 2023年 / 79卷
关键词：
CEO age; CEO effects; Sudden deaths; Firm risk; Risk; -taking; CAREER CONCERNS; DIRECTORS EVIDENCE; PROPENSITY SCORE; AGE; INCENTIVES; MANAGERS; CONSERVATISM; EXECUTIVES; DECISIONS; TURNOVER;
D O I：
10.1016/j.jcorpfin.2023.102367
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study uses sudden deaths of CEOs to provide causal evidence on the relation between CEO age and firm risk. I find that CEO age negatively influences firm risk, measured by stock return volatility, but has no effect on policy choices related to risk taking. These findings contrast prior studies, and suggest that the higher volatility is caused by uncertainty about the younger replacement CEOs' contribution to firm value, rather than changes to risk-related corporate policies.
引用
收藏
页数：20
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