Corporate Risk Culture
研究了企业领导者共享的风险偏好如何形成和演变，以及这种风险文化如何影响公司投资、研发等长期政策。
We examine the formation and evolution of corporate risk culture, that is, the preferences toward risk and uncertainty shared by a firm’s leaders, as well as its effect on corporate policies. We document persistent commonality in risk attitudes inside firms, which arises through the selection of leaders with similar preferences and is rooted in the founders’ risk attitudes. Changes in corporate risk culture over time affect corporate investment policies, whereas cross-sectional differences in founders’ risk attitudes, that is, firms’ initial risk culture, contribute to differences across firms in persistent firm policies, such as research and development intensity.