Walking on thin ice: CEOs′ internationalization decisions in underperforming firms
基于企业行为理论，研究了绩效落差与企业国际化之间的倒U型关系，并发现CEO二元性（即CEO兼任董事长）会调节这一关系，使CEO更倾向于规避风险以保障生存。
We build on previous research on the behavioral theory of the firm to examine the relationship between performance shortfalls and internationalization. We start from existing literature in claiming that the interplay between the aspirations of restoring performance and survival concerns leads to an inverted U-shaped relationship between a firm's performance shortfalls and its new internationalization. Our main contribution is to show that CEO duality moderates this relationship. Dual CEOs have a high control of the board that reduces oversight and increases their job security. This allows them to impose their risk preferences, thus embracing survival over aspirations. Our empirical analysis using a sample of Spanish listed firms from 1986 to 2010 provides support for our hypotheses.