Pilot CEOs and Corporate Cash Holdings
研究发现，有飞行员经历的CEO因具备情境意识，更倾向于持有更多现金，尤其是在高增长和高风险企业中，且该特质与飞行员认证等级相关。
ABSTRACT This study examines the effect of a personality trait exhibited by pilot chief executive officers (CEOs), that is, situation awareness, on corporate cash policies. Our results show that firms led by pilot CEOs are more likely to hold higher levels of cash for firms with higher growth opportunities and greater firm risks. The findings suggest that pilot CEOs have greater situation awareness and are more likely to plan ahead to cope with future liquidity needs. We also find that the strength of their situation awareness is associated with pilot certification levels but does not change between the pre‐ and post‐certification periods.