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Birth Order and Executive Risk-Taking: A Study on CEO Behavioral Disposition

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  • Yuchen Lin

Abstract

This paper explores the potential influence of chief executive officers’ (CEOs’) birth order on corporate decision-making. Drawing upon both theoretical frameworks and existing empirical studies, birth order considerably impacts individual personality attributes and risk aversion tendencies. Our analyses reveal a pronounced positive association between CEO’s birth order and their propensity for risk-taking. Specifically, CEOs born later in their familial succession are more inclined to risk-taking than their first-born counterparts, who are more conservative. These findings persist after controlling for CEO characteristics, year, and industry-specific factors. Moreover, further analyses were conducted to mitigate potential selection biases in companies choosing CEOs with specific risk preferences.

Suggested Citation

  • Yuchen Lin, 2023. "Birth Order and Executive Risk-Taking: A Study on CEO Behavioral Disposition," International Business Research, Canadian Center of Science and Education, vol. 16(11), pages 1-11, November.
    • Handle: RePEc:ibn:ibrjnl:v:16:y:2023:i:11:p:11
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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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