CEO's Religious Affiliation and Managerial Conservatism
研究发现，天主教CEO所在企业比新教CEO所在企业杠杆率更低、发债更少、业务和地域多元化更多、投资更少，且这些决策与更低的企业价值相关。
We investigate whether managers' religious affiliations affect corporate decisions. We hand collect data on the religious affiliations of chief executive officers (CEOs) and find that firms with Catholic CEOs have less leverage, issue debt less often, increase business and geographic diversification, and invest less than firms with Protestant CEOs. We also find that the decisions of Catholic CEOs are associated with lower firm value. These corporate actions are also reflected in the CEOs’ personal decisions, such as owning fewer company stocks and playing less risky sports.