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UID:6965ed9e2e7226c6052c9fd7f6f85815
DTSTAMP:20250703T024744Z
SUMMARY:Tracy Yue Wang - University of Minnesota\, Stephan Siegel - Univers
 ity of Washington and Yihui Pan - University of Utah
DESCRIPTION: \n\nTitle: Corporate Risk Culture\n\nAbstract We examine the f
 ormation and evolution of firms’ attitudes\ntowards risk and uncertainty
 \, characterized by the shared risk\npreferences of corporate executives a
 nd directors\, as well as their\neffect on corporate policies. We document
  the existence of commonality\nin risk preferences inside the firm\, which
  arises as CEOs are selected\nto match the risk attitudes of existing dire
 ctors and executives\, and\nCEOs in turn shape the composition of executiv
 e teams and boards to be\nmore aligned with their own risk preferences. Se
 lection also gives\nrise to persistence in corporate risk attitudes over t
 ime and across\ngenerations of leadership\, tracing the origin of culture 
 back to the\nfounder’s risk attitude. Firms’ risk-taking policies are\
 nsignificantly associated with corporate risk culture. In the cross\nsecti
 on\, difference in founders’ risk attitudes is an important\ndeterminant
  of persistent differences in corporate risk-taking.\nFinally\, divergence
  in risk preferences among corporate leaders\naffects real decisions in th
 e firm\, and is associated with more use of\nformal incentives in coordina
 ting incentives.\n 
DTSTART:20151009T143000Z
DTEND:20151009T155000Z
LOCATION:Gerri C. LeBow Hall\, 3220 Market Street\, 722\, Philadelphia\, PA
  19104
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