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CEO's Religious Affiliation and Managerial Conservatism

Financial management, 2016-03, Vol.45 (1), p.67-104 [Peer Reviewed Journal]

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Title:
CEO's Religious Affiliation and Managerial Conservatism
Author: Baxamusa, Mufaddal ; Jalal, Abu
Subjects: Business entities ; Business risks ; Catholicism ; Chief executive officers ; Correlation analysis ; Decision making ; Financial leverage ; Management ; Management techniques ; Practice ; Protestantism ; Religion ; Religiosity ; Religious aspects ; Religious identity ; Risk aversion ; Statistical significance
Is Part Of: Financial management, 2016-03, Vol.45 (1), p.67-104
Description: We investigate whether managers' religious affiliations affect corporate decisions. We hand collect data on the religious affiliations of chief executive officers (CEOs) and find that firms with Catholic CEOs have less leverage, issue debt less often, increase business and geographic diversification, and invest less than firms with Protestant CEOs. We also find that the decisions of Catholic CEOs are associated with lower firm value. These corporate actions are also reflected in the CEOs' personal decisions, such as owning fewer company stocks and playing less risky sports.
Publisher: Tampa: Blackwell Publishing Ltd
Language: English
Identifier: ISSN: 0046-3892
EISSN: 1755-053X
DOI: 10.1111/fima.12080
Source: Alma/SFX Local Collection

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