The Impact of CEO Educational Background on Corporate Risk-Taking in China

This article investigates whether, and how, CEO educational background affects Chinese corporate risk-taking. Using a sample of 4681 firm-year observations from 2012 to 2020, we find that is negatively associated with The nonlinear quadratic regression shows convex relationship, consistent the finding effect more profound for subsample relatively lower education levels. negative relationship stronger firms higher leverage, tangibility, in non-manufacturing industries. We also address endogeneity issue using two-stage least squares regression. paper may provide valuable insights shareholders, helping them hire most suitable CEOs achieve shareholders’ objectives increase corporation’s competitiveness market.