Do Managerial Motives Influence Firm Risk Reduction Strategies?
发现CEO的个人财富与企业股权挂钩时更倾向于多元化，技术专长型CEO倾向于购买类似技术，但任期长时也会多元化，业绩差时则进入新业务。
ABSTRACT This article finds evidence consistent with the hypothesis that managers consider personal risk when making decisions that affect firm risk. I find that Chief Executive Officers (CEOs) with more personal wealth vested in firm equity tend to diversify. CEOs who are specialists at the existing technology tend to buy similar technologies. When specialists have many years vested, they tend to diversify, however. Poor performance in the existing lines of business is associated with movements into new lines of business.