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以1999-2014年我国沪深两市上市公司为样本,从管理者个人特征的角度出发,研究CEO职业生涯关注对上市公司业绩波动性的影响。以CEO年龄和新上任哑变量代理CEO职业生涯关注,从总体业绩波动性、纵向业绩波动性和横向业绩离散度三个方面构建公司业绩波动性代理变量。研究发现,CEO职业生涯关注对上市公司业绩波动性具有显著影响。具体而言,职业生涯关注较高的(年轻的或者新上任的)CEO所经营的公司具有更高的业绩波动性。本文的研究有助于进一步认识公司业绩波动性的影响因素,也丰富了CEO个人特征和公司决策的相关研究。
Taking the listed companies in Shanghai and Shenzhen from 1999 to 2014 as samples, this paper studies the influence of CEO career concerns on the performance volatility of listed companies from the perspective of managers’ personal characteristics. Acting CEO career and new CEO dummy career variables concerns, from the overall performance of the volatility, vertical performance of the dispersion and the horizontal performance of the dispersion of three aspects of the construction of corporate performance of the volatility of the proxy variables. The study found that CEO career concerns have a significant impact on earnings volatility of listed companies. In particular, companies run by executives with high careers (young or new) have higher performance volatility. The research in this article will help to further understand the influencing factors of the company’s performance volatility and also enrich the research on CEO’s personal characteristics and corporate decision-making.