Fear the loss or welcome the gains? How stock options influence CEO risk-taking in corporate cleantech investments
基于行为代理模型，利用540家上市公司数据，发现当前期权财富与清洁技术投资负相关，而预期期权财富正相关，且创始人CEO对此类投资的感知不同于雇佣CEO。
This study draws on the behavioral agency model to investigate how stock options incentivize CEO risk-taking related to investments in external clean technology (cleantech) ventures. Using longitudinal data from 540 publicly traded firms, we find that current option wealth is negatively associated with corporate cleantech investments while prospective option wealth is positively associated. The results show that founder CEOs, who exhibit different endowment and risk-bearing patterns than hired CEOs, do not perceive cleantech investments as mixed gambles. These findings advance understanding of the interplay between equity-based incentives, CEO characteristics, and incumbents' pursuit of sustainable business practices.