Do firms led by founders take higher risk?
研究创始人CEO领导的企业与非创始人CEO企业在风险性质上的差异，发现前者运营风险更高但财务风险更低，且这种差异受CEO影响力、离职倾向和破产概率驱动。
Abstract This study examines whether firms led by founder‐CEOs are significantly different from firms led by nonfounder‐CEOs in terms of the nature of their risk. Our results show that founder‐led firms are associated with higher operational but lower financial risk. We find that the differential nature of risk‐taking in founder‐CEO firms is driven by CEO's influence, their propensity of removal, and the probability of bankruptcy of the firm. While CEO‐chair duality and the sensitivity of founder‐CEO firm's probable bankruptcy play significant roles in determining the level of financial risk, the sensitivity of founder‐CEOs to forced turnover leads to higher operational risk.