CEO risk preferences and hedging decisions: A multiyear analysis

被引：8
|
作者：
Doukas, John A. [1 ,2 ]
Mandal, Sonik [1 ]
机构：
[1] Old Dominion Univ, Strome Coll Business, Norfolk, VA 23529 USA
[2] Univ Cambridge, Judge Business Sch, Cambridge, England
来源：
JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2018年 / 86卷
关键词：
Hedging; CEO risk preferences; CEO personal characteristics; FOREIGN-CURRENCY DERIVATIVES; STOCK OPTION PORTFOLIOS; MANAGERIAL PREFERENCES; CORPORATE GOVERNANCE; INCENTIVE CONTRACTS; TAX INCENTIVES; FIRMS HEDGE; MANAGEMENT; POLICIES; COMPENSATION;
D O I：
10.1016/j.jimonfin.2018.04.007
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Theory and previous empirical studies suggest that CEO risk preferences affect hedging. We challenge this idea in a 5-year time series setting by using inside debt (i.e., CEO pension and deferred compensation) and the CEO Vega and CEO Delta, as proxies of CEO risk preferences, and document that neither risk-averse (i.e., debt like compensation) nor risk-seeking (i.e., convex compensation) inducing CEO compensation packages influence corporate hedging. Moreover, we find CEOs who have more previous work experience and high job tenure to be positively related to hedging. (C) 2018 Elsevier Ltd. All rights reserved.
引用
收藏
页码：131 / 153
页数：23
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