The impact of CEO traits on firms' risk-taking: A case study of listed companies in Vietnam


chấp nhận rủi ro
đặc điểm CEO
lý thuyết lãnh đạo cấp cao
thị trường chứng khoán
Việt Nam risk-taking
CEO traits
upper echelons theory
stock market


The study examines the impact of Chief Executive Officer (CEO) traits on firms' risk-taking. Unique data was collected manually from annual reports of non-financial firms listed on the Vietnamese stock exchange for the period 2010-2020 and analyzed through different estimation techniques to determine the appropriateness of the results. The findings reveal a significant association between CEO traits and firms' risk-taking. Specifically, CEO experience has a positive effect, while age has a negative influence on firms’ risk-taking. Besides, female CEOs are significantly more risk-averse than their male counterparts. However, there is not enough evidence to conclude that the education level of the CEO affects risk acceptance. Finally, the study provides reliable empirical evidence for companies in selecting CEOs to minimize agency problems and ensure the interests of shareholders; at once, it serves as a guide for investors to make appropriate decisions.


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