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《Education & Economy》 2013-06
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An Empirical Study on the Relationship between the Educational Background of Top Decision Makers and Their Corporate Risk Tolerance in China

WANG Yonghai;ZHOU Wei;College of Education Science, Wuhan University;  
Educational background of top decision makers in corporation has important influences on corporate risk tolerance level. Using a sample set of listed companies in Shanghai and Shenzhen Stock Exchange from 2003 to 2012, we document a significant negative correlation between top decision makers' education level and their corporate risk tolerance. Corporations run by more highly educated decision makers were found to have lower earnings volatility and asset-liability ratio, and higher risk management and tolerance capacity. We also found a significant difference between top decision makers under different educational patterns. Top decision makers with higher education background are more risk averse than those who have vocational education background. This study implicates that education has significant influence on risk decision. Moreover, it contributes to deep understanding of educational investment and return, and has important theoretical significance on optimizing corporate management.
【Fund】: 教育部哲学社会科学研究重大课题攻关项目“国家经济安全与我国金融审计制度创新研究”(项目批准号:10JZD0019)的阶段性研究成果
【CateGory Index】: G40-054;F276.6;F224
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