Do Managerial Motives Influence Firm Risk Reduction Strategies?
发现证据支持管理者在影响企业风险的决策中会考虑个人风险。CEO个人财富与企业股权绑定越多，越倾向于多元化；现有技术专家倾向于购买类似技术，但任职多年后则转向多元化；现有业务表现不佳时，企业会进入新业务领域。
This article finds evidence consistent with the hypothesis that managers consider personal risk when making decisions that affect firm risk. The author finds 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. Copyright 1995 by American Finance Association.