Eat or Get Eaten? How Equity Ownership and Diversification Shape CEO Risk-Taking
研究美国有线电视行业1986-1996年数据，发现股权持有少的CEO在动荡时期更可能退出行业以降低风险，表明CEO更担心失业而非个人财富损失；同时，未多元化的公司更少收购竞争对手。
The article reports on a study relating to the impact of equity ownership and diversification on executive risk-taking. Researchers studied firms in the U.S. cable television industry from 1986-1996. They found that during turbulent times chief executive officers (CEO) with smaller ownership stakes were more likely to exit the industry, as a means of risk reduction. This indicates that CEOs may worry more about job loss than loss of personal wealth in terms of risk taking. The study also revealed that cable firms with no diversification were less likely to buy out their competitors.