CEO大學時期受災經驗對新上任公司的非系統性風險指標影響

Abstract

本研究檢視 CEO 大學受災經驗與其新接任公司的非系統性風險指標之間的關聯，以 CEO 大學就讀時期之所在區域之受災資料作為主要解釋變數，首度建立災害衝擊程度指標，可供後續相關研究為實證變數，並灌輸指令集予 AI 工具、就災害嚴重度作評分與分組，探討高等教育階段的經歷如何對個體的風險態度與決策行為產生長期影響。樣本資料涵括北美企業之財務與股市非系統性風險衡量變數。實證結果顯示：(1) 具大學受災經驗之 CEO，上任後公司股價非系統性風險顯著降低；(2) 相比中度受災者，高度受災 CEO 上任後公司的利息保障倍數顯著較高；(3) 若 CEO 兼任董事，高度受災者較低度受災者上任後之公司最大商譽顯著較低。本研究結果提供關於 CEO 大學成長背景與公司風險指標間關聯的實證證據--有大學受災經驗之CEO會採取較趨避非系統性風險的決策模式。

This paper examines the relationship between a CEO’s experience in encountering natural disaster during the university-era and the changes in idiosyncratic risk measures of their new employers subsequent to his/her taking the office. Adopting disaster data from the regions where the CEOs received undergraduate education as the explanatory variable, this study, for the first time, establishing a disaster impact index that can serve as an empirical variable in subsequent related research. Furthermore, by feeding prompt sets to AI tools for severity scoring and categorization, this study investigates how exposure during the higher education stage has a long-term impact on an individual’s risk attitudes and decision-making behaviors. The sample comprises North American companies with the data available for estimating corporate financial and stock market idiosyncratic risk measures to investigate whether the severity of disaster experience during a CEO’s university years influences subsequent corporate risk-taking decisions. The empirical results show that: (1) CEOs with university-era disaster experience significantly reduce the idiosyncratic risk of firm stock returns after taking office; (2) compared to those with moderate exposure, CEOs with high-severity exposure demonstrate a significantly higher interest coverage ratio after taking office; (3) when the CEO also serves as a director, those with high-severity exposure exhibit significantly lower maximum goodwill compared to those with low-severity exposure. These findings provide empirical evidence linking whether a CEO had encountered disasters to corporate idiosyncratic risk appetites, supporting the notion that university-era disaster exposures lead to more risk-averse decision-making patterns.