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Three Essays On Risks Of Firms Led By Founder-Ceos, Yuka Nishikawa
Three Essays On Risks Of Firms Led By Founder-Ceos, Yuka Nishikawa
FIU Electronic Theses and Dissertations
This dissertation is comprised of three essays that focus on the topics related to risks of firms led by founder-CEOs. This research provides insights into how founder-led firms are different from nonfounder-led firms in terms of their operational and financial risk taking, litigation risk, and restructuring probabilities and outcomes. The empirical results are significant and robust.
The first essay examines the relationship between founder-CEO firms and firm risk. Using a sample of S&P 1500 firms, our empirical results show that founder-led firms are associated with higher overall risk and operational risk, and lower financial risk than nonfounder-led firms. We further …