The impact of subordinate executives’ comparative confidence and competence on corporate risk‐taking
研究发现，在监督CEO方面更具相对自信和能力的下属高管会推动企业承担更多风险，通过战略投资和融资活动提升企业价值，这些活动解释了约46.68%的资产回报率波动和27.75%的现金流波动。
Abstract Our findings reveal that subordinate executives with higher comparative confidence and competence in overseeing CEO actions drive greater corporate risk‐taking, notably through strategic investments and financing activities that enhance firm value. These include capital expenditures, research and development (R&D), intangible assets, advertising, and financing via cash, equity, and leverage, which collectively account for about 46.68% of return on assets volatility and 27.75% of cash flow volatility. The impact is particularly strong in competitive and complex business environments but diminishes with higher executive age and tenure.