Effect of decision makers’ education level on their corporate risk taking

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Yonghai Wang
Wei Zhou
Ke-Chiun Chang
Cite this article:  Wang, Y., Zhou, W., & Chang, K. (2013). Effect of decision makers’ education level on their corporate risk taking. Social Behavior and Personality: An international journal, 41(7), 1225-1230.


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We examined whether or not the education level of corporate decision makers helps explain their level of corporate risk taking. Using a sample population of listed companies in China, we documented a significant negative correlation between decision makers’ education level and their level of corporate risk taking. Corporations run by more highly educated decision makers were found to have lower leverage and less volatile earnings. These results have important implications for corporate governance and educational choices.

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