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Does executive portfolio structure affect risk management? CEO risk-taking incentives and corporate derivatives usage

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Cited by:

  1. Chava, Sudheer & Purnanandam, Amiyatosh, 2010. "CEOs versus CFOs: Incentives and corporate policies," Journal of Financial Economics, Elsevier, vol. 97(2), pages 263-278, August.
  2. Chowdhury, Rajib & Doukas, John A. & Mandal, Sonik, 2023. "CEO risk preferences, hedging intensity, and firm value," Journal of International Money and Finance, Elsevier, vol. 130(C).
  3. Francis, Bill B. & Hasan, Iftekhar & Hunter, Delroy M. & Zhu, Yun, 2017. "Do managerial risk-taking incentives influence firms' exchange rate exposure?," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 154-169.
  4. Tiantian Gu & Anand Venkateswaran, 2018. "Firm-supplier relations and managerial compensation," Review of Quantitative Finance and Accounting, Springer, vol. 51(3), pages 621-649, October.
  5. Lel, Ugur, 2012. "Currency hedging and corporate governance: A cross-country analysis," Journal of Corporate Finance, Elsevier, vol. 18(2), pages 221-237.
  6. Niklas Kreilkamp & Sascha Matanovic & Maximilian Schmidt & Arnt Wöhrmann, 2023. "How executive incentive design affects risk-taking: a literature review," Review of Managerial Science, Springer, vol. 17(7), pages 2349-2374, October.
  7. Kim, Taeyeon & Kim, Hyun-Dong & Park, Kwangwoo, 2020. "CEO inside debt holdings and CSR activities," International Review of Economics & Finance, Elsevier, vol. 70(C), pages 508-529.
  8. René M. Stulz, 2004. "Should We Fear Derivatives?," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 173-192, Summer.
  9. Xiaolou Yang, 2017. "Mixed Ownership Structures and Firm Performance in China Listed Firms," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 8(4), pages 80-89, October.
  10. Jiyeon Yun & James M. Carson & David L. Eckles, 2023. "Executive compensation and corporate risk management," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 90(2), pages 521-557, June.
  11. Mine Ertugrul & Özcan Sezer & C. Sirmans, 2008. "Financial Leverage, CEO Compensation,and Corporate Hedging: Evidence from Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 36(1), pages 53-80, January.
  12. Marcello Spanò, 2013. "Theoretical explanations of corporate hedging," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 3(7), pages 84-102, July.
  13. Erik Devos & William B. Elliott & Richard S. Warr, 2018. "The Propensity to Split and CEO Compensation," Financial Management, Financial Management Association International, vol. 47(1), pages 105-129, March.
  14. Nicola Benatti & Francesco Napolitano, 2019. "An insight into the derivatives trading of firms in the euro area," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Are post-crisis statistical initiatives completed?, volume 49, Bank for International Settlements.
  15. Michele Fabrizi & Antonio Parbonetti, 2016. "CEO Risk Incentives and Real Earnings Management," International Journal of Business and Management, Canadian Center of Science and Education, vol. 11(3), pages 1-37, February.
  16. Wei Cen & John A. Doukas, 2017. "CEO personal investment decisions and firm risk," European Financial Management, European Financial Management Association, vol. 23(5), pages 920-950, October.
  17. Yang, Xiaolou, 2017. "Reexamination of risk-taking incentives in banking: Realign incentives and curtail future episodes of mismanagement," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 238-248.
  18. Alastair Marsden & Andrew K. Prevost, 2005. "Derivatives Use, Corporate Governance, and Legislative Change: An Empirical Analysis of New Zealand Listed Companies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1‐2), pages 255-295, January.
  19. Coles, Jeffrey L. & Daniel, Naveen D. & Naveen, Lalitha, 2006. "Managerial incentives and risk-taking," Journal of Financial Economics, Elsevier, vol. 79(2), pages 431-468, February.
  20. Krapl, Alain A. & White, Reilly S., 2016. "Executive pensions, risk-shifting, and foreign exchange exposure," Research in International Business and Finance, Elsevier, vol. 38(C), pages 376-392.
  21. Doukas, John A. & Mandal, Sonik, 2018. "CEO risk preferences and hedging decisions: A multiyear analysis," Journal of International Money and Finance, Elsevier, vol. 86(C), pages 131-153.
  22. Vickery, James, 2008. "How and why do small firms manage interest rate risk," Journal of Financial Economics, Elsevier, vol. 87(2), pages 446-470, February.
  23. Shen, Huayu & Liu, Runxin & Xiong, Hao & Hou, Fei & Tang, Xiaoyi, 2021. "Economic policy uncertainty and stock price synchronicity: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
  24. Marcello Spanò, 2013. "Theoretical explanations of corporate hedging," International Journal of Business and Social Research, LAR Center Press, vol. 3(7), pages 84-102, July.
  25. Julia Grant & Garen Markarian & Antonio Parbonetti, 2009. "CEO Risk†Related Incentives and Income Smoothing," Contemporary Accounting Research, John Wiley & Sons, vol. 26(4), pages 1029-1065, December.
  26. Timothy King & Jonathan Williams, 2013. "Bank Efficiency and Executive Compensation," Working Papers 13009, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
  27. Monda, Barbara & Giorgino, Marco & Modolin, Ileana, 2013. "Rationales for Corporate Risk Management - A Critical Literature Review," MPRA Paper 45420, University Library of Munich, Germany.
  28. Georges Dionne & Olfa Maalaoui Chun & Thouraya Triki, 2019. "The governance of risk management: The importance of directors’ independence and financial knowledge," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 22(3), pages 247-277, September.
  29. Karbhari, Yusuf & Muye, Ibrahim & Hassan, Ahmad Fahmi S. & Elnahass, Marwa, 2018. "Governance mechanisms and efficiency: Evidence from an alternative insurance (Takaful) market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 56(C), pages 71-92.
  30. Luo, Hang (Robin) & Wang, Rui, 2018. "Foreign currency risk hedging and firm value in China," Journal of Multinational Financial Management, Elsevier, vol. 47, pages 129-143.
  31. Francis, Bill B. & Hasan, Iftekhar & Hunter, Delroy M. & Zhu, Yun, 2017. "Do managerial risk-taking incentives influence firms' exchange rate exposure?," Bank of Finland Research Discussion Papers 16/2017, Bank of Finland.
  32. Georges Dionne & Thouraya Triki, 2013. "On risk management determinants: what really matters?," The European Journal of Finance, Taylor & Francis Journals, vol. 19(2), pages 145-164, February.
  33. Blanchard, Danielle & Dionne, Georges, 2003. "Risk management and corporate governance," Working Papers 03-4, HEC Montreal, Canada Research Chair in Risk Management.
  34. Dawood Ashraf & Yener Altunbas & John Goddard, 2007. "Who Transfers Credit Risk? Determinants of the Use of Credit Derivatives by Large US Banks," The European Journal of Finance, Taylor & Francis Journals, vol. 13(5), pages 483-500.
  35. Pukthuanthong, Kuntara & Roll, Richard & Walker, Thomas, 2007. "How employee stock options and executive equity ownership affect long-term IPO operating performance," Journal of Corporate Finance, Elsevier, vol. 13(5), pages 695-720, December.
  36. Belkhir, Mohamed & Boubaker, Sabri, 2013. "CEO inside debt and hedging decisions: Lessons from the U.S. banking industry," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 24(C), pages 223-246.
  37. Mohamed Belkhir & Abdelaziz Chazi, 2010. "Compensation Vega, Deregulation, and Risk‐Taking: Lessons from the US Banking Industry," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(9‐10), pages 1218-1247, November.
  38. Qi Liu & Bo Sun, 2016. "Managerial Compensation under Privately-Observed Hedging," International Finance Discussion Papers 1160, Board of Governors of the Federal Reserve System (U.S.).
  39. Zhu, Chunhui & Zhang, Teng & Li, Shaoyu, 2021. "Why more restricted stocks, less stock options?--An explanation based on the preference of regulators of China?," Journal of Asian Economics, Elsevier, vol. 77(C).
  40. David A. Carter & Daniel A. Rogers & Betty J. Simkins, 2006. "Does Hedging Affect Firm Value? Evidence from the US Airline Industry," Financial Management, Financial Management Association International, vol. 35(1), pages 53-86, March.
  41. Lilia Rekik & Asmaa Alaoui Taib, 2018. "How Does Corporate Governance Influence Hedging Strategy? An Empirical Study," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(12), pages 115-115, December.
  42. Chakraborty, Atreya & Sheikh, Shahbaz & Subramanian, Narayanan, 2007. "Termination risk and managerial risk taking," Journal of Corporate Finance, Elsevier, vol. 13(1), pages 170-188, March.
  43. Lidiia Karpenko & Iryna Chunytska & Nataliia Oliinyk & Nataliia Poprozman & Olha Bezkorovaina, 2020. "Consideration of Risk Factors in Corporate Property Portfolio Management," JRFM, MDPI, vol. 13(12), pages 1-14, November.
  44. Lim, Terence & Lo, Andrew W. & Merton, Robert C. & Scholes, Myron S., 2006. "The Derivatives Sourcebook," Foundations and Trends(R) in Finance, now publishers, vol. 1(5–6), pages 365-572, April.
  45. Pennings, Joost M. E. & Garcia, Philip, 2004. "Hedging behavior in small and medium-sized enterprises: The role of unobserved heterogeneity," Journal of Banking & Finance, Elsevier, vol. 28(5), pages 951-978, May.
  46. Shen, Carl Hsin-han & Zhang, Hao, 2013. "CEO risk incentives and firm performance following R&D increases," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1176-1194.
  47. Buhl, Hans Ulrich & Strauß, Sofie & Wiesent, Julia, 2011. "The impact of commodity price risk management on the profits of a company," Resources Policy, Elsevier, vol. 36(4), pages 346-353.
  48. Alexandre Di Giacomo & Pascal Alphonse, 2014. "Incitants Financiers Du Dirigeant Et Niveau D'Endettement Optimal," Post-Print hal-01899182, HAL.
  49. Kevin Aretz & Söhnke M. Bartram, 2010. "Corporate Hedging And Shareholder Value," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 33(4), pages 317-371, December.
  50. Blake Loriot & Elaine Hutson & Hue Hwa Au Yong, 2020. "Equity-linked executive compensation, hedging and foreign exchange exposure: Australian evidence," Australian Journal of Management, Australian School of Business, vol. 45(1), pages 72-93, February.
  51. Anthony Carroll & Fergal O'Brien & James Ryan, 2017. "An Examination of European Firms’ Derivatives Usage: The Importance of Model Selection," European Financial Management, European Financial Management Association, vol. 23(4), pages 648-690, September.
  52. Alastair Marsden & Andrew K. Prevost, 2005. "Derivatives Use, Corporate Governance, and Legislative Change: An Empirical Analysis of New Zealand Listed Companies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1-2), pages 255-295.
  53. Shahbaz Sheikh, 2012. "Do CEO compensation incentives affect firm innovation?," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 11(1), pages 4-39, February.
  54. Supanvanij, Janikan & Strauss, Jack, 2010. "Corporate derivative use and the composition of CEO compensation," Global Finance Journal, Elsevier, vol. 21(2), pages 170-185.
  55. O’Connor, Matthew & Rafferty, Matthew & Sheikh, Aamer, 2013. "Equity compensation and the sensitivity of research and development to financial market frictions," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2510-2519.
  56. Kim, Young Sang & Nam, Jouahn & Thornton Jr., John H., 2008. "The effect of managerial bonus plans on corporate derivatives usage," Journal of Multinational Financial Management, Elsevier, vol. 18(3), pages 229-243, July.
  57. Jouahn Nam & Richard E. Ottoo & John H. Thornton Jr., 2003. "The Effect of Managerial Incentives to Bear Risk on Corporate Capital Structure and R&D Investment," The Financial Review, Eastern Finance Association, vol. 38(1), pages 77-101, February.
  58. repec:zbw:bofrdp:2017_016 is not listed on IDEAS
  59. Trapp, Rouven & Weiß, Gregor N.F., 2016. "Derivatives usage, securitization, and the crash sensitivity of bank stocks," Journal of Banking & Finance, Elsevier, vol. 71(C), pages 183-205.
  60. Antoniou, Antonios & Zhao, Huainan & Zhou, Bilei, 2009. "Corporate debt issues and interest rate risk management: Hedging or market timing?," Journal of Financial Markets, Elsevier, vol. 12(3), pages 500-520, August.
  61. Kenneth R. Spong & Richard J. Sullivan, 2012. "Bank Ownership and Risk Taking: Improving Corporate Governance in Banking after the Crisis," Chapters, in: James R. Barth & Chen Lin & Clas Wihlborg (ed.), Research Handbook on International Banking and Governance, chapter 7, Edward Elgar Publishing.
  62. Al-Own, Bassam & Minhat, Marizah & Gao, Simon, 2018. "Stock options and credit default swaps in risk management," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 53(C), pages 200-214.
  63. Hyungshin Park & Dimitris Vrettos, 2015. "The Moderating Effect of Relative Performance Evaluation on the Risk Incentive Properties of Executives’ Equity Portfolios," Journal of Accounting Research, Wiley Blackwell, vol. 53(5), pages 1055-1108, December.
  64. Jeffrey (Jun) Chen & Yun Guan & Ivy Tang, 2020. "Optimal Contracting of Pension Incentive: Evidence of Currency Risk Management in Multinational Companies," JRFM, MDPI, vol. 13(2), pages 1-29, February.
  65. Jens Hagendorff & Francesco Vallascas, 2012. "CEO Pay and Risk-taking in Banking: The Roles of Bonus Plans and Deferred Compensation in Curbing Bank Risk-taking," Chapters, in: James R. Barth & Chen Lin & Clas Wihlborg (ed.), Research Handbook on International Banking and Governance, chapter 9, Edward Elgar Publishing.
  66. Chava, Sudheer & Purnanandam, Amiyatosh, 2007. "Determinants of the floating-to-fixed rate debt structure of firms," Journal of Financial Economics, Elsevier, vol. 85(3), pages 755-786, September.
  67. Xiaolou Yang, 2017. "A Study of Alignment between Management and Shareholders on China Financial Firms," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 7(6), pages 1-6.
  68. Gormley, Todd A. & Matsa, David A. & Milbourn, Todd, 2013. "CEO compensation and corporate risk: Evidence from a natural experiment," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 79-101.
  69. Tom Aabo & Jochen Kuhn & Giovanna Zanotti, 2011. "Founder family influence and foreign exchange risk management," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 7(1), pages 38-67, February.
  70. Oliver Entrop & Matthias F. Merkel, 2020. "Managers’ research education, the use of FX derivatives and corporate speculation," Review of Managerial Science, Springer, vol. 14(4), pages 869-901, August.
  71. Supanvanij, Janikan & Strauss, Jack, 2006. "The effects of management compensation on firm hedging: Does SFAS 133 matter?," Journal of Multinational Financial Management, Elsevier, vol. 16(5), pages 475-493, December.
  72. David Hillier & Patrick McColgan & Athanasios Tsekeris, 2022. "How did the Sarbanes–Oxley Act affect managerial incentives? Evidence from corporate acquisitions," Review of Quantitative Finance and Accounting, Springer, vol. 58(4), pages 1395-1450, May.
  73. Feng, Cecilia (Qian) & Wang, Tawei, 2019. "Does CIO risk appetite matter? Evidence from information security breach incidents," International Journal of Accounting Information Systems, Elsevier, vol. 32(C), pages 59-75.
  74. Fabrizi, M. & Parbonetti, A., 2013. "Privatized Returns and Socialized Risks: CEO Incentives, Securitization Accounting and the Financial Crisis," CITYPERC Working Paper Series 2013-08, Department of International Politics, City University London.
  75. Alderson, Michael J. & Bansal, Naresh & Betker, Brian L., 2014. "CEO turnover and the reduction of price sensitivity," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 376-386.
  76. Hassan Tanha & Michael Dempsey & Mena Labeb, 2018. "Derivatives Usage by Australian Industrial Firms: Pre-, during and post-GFC," Review of Economics & Finance, Better Advances Press, Canada, vol. 11, pages 31-39, February.
  77. Bulan, Laarni & Sanyal, Paroma & Yan, Zhipeng, 2010. "A few bad apples: An analysis of CEO performance pay and firm productivity," Journal of Economics and Business, Elsevier, vol. 62(4), pages 273-306, July.
  78. Sonik Mandal & Charlie Swartz & Sanjib Guha & Carl B. McGowan Jr., 2019. "How CEO Wealth Affects the Riskiness of a Firm," Applied Economics and Finance, Redfame publishing, vol. 6(4), pages 36-40, July.
  79. Sriya Anbil & Alessio Saretto & Heather Tookes, 2016. "Does Hedging with Derivatives Reduce the Market's Perception of Credit Risk?," Finance and Economics Discussion Series 2016-100, Board of Governors of the Federal Reserve System (U.S.).
  80. Yangyang Chen & Cameron Truong & Madhu Veeraraghavan, 2015. "CEO Risk-Taking Incentives and the Cost of Equity Capital," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(7-8), pages 915-946, September.
  81. Minhat, Marizah & Abdullah, Mazni, 2016. "Bankers’ stock options, risk-taking and the financial crisis," Journal of Financial Stability, Elsevier, vol. 22(C), pages 121-128.
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