报告题目：Impact from a Distance: Emotionally Attached-Place Disasters and Corporate Risk-Taking

报告所属学科：应用经济学

报告人：文凤华（中南大学）

报告时间：2023年12月8日 19:30-22:00

报告地点：经管学院702室

报告摘要：

Prior literature examines the impact of geographically close natural disasters on top executives’ risk perceptions. Using Chinese data, this study investigates how corporate risk-taking is influenced by psychologically close disasters, which are typically geographically distant. Specifically, we focus on major natural disasters that occur in places emotionally attached to CEOs or chairmen, including their hometowns and college locations. Consistent with the mood maintenance theory, we find that firms increase corporate risk-taking, manifested in higher return volatility, after disasters in their places of attachment. This effect is also reflected in lower cash holdings, higher leverage, increased R&D spending, and reduced working capital. The increase in risk-taking is amplified when the disaster event is more salient and when the executive has a stronger connection to their attached places, and it is weaker for executives with better emotional resilience. Collectively, our study sheds additional light on the important role of affective connections in corporate risk decisions.

报告人简介：

文凤华，二级教授，博士生导师，中南大学数据科学与经济行为决策研究中心主任。湖南大学管理科学与工程博士，中国科学院数学与系统科学研究院管理科学与工程博士后，美国佛罗里达大学与英国埃塞克斯大学访问学者，加拿大温莎大学高级访问学者。国家自然科学基金重点项目主持人，中国管理学青年奖获得者，爱思唯尔应用经济学高被引学者，科睿唯安经济与商学全球高被引科学家，经济与金融全球顶尖科学家（Research.com，2023） 。到目前为止，已经在Journal of Corporate Finance、Journal of Business Ethics、Risk Analysis以及《管理科学学报》等国内外期刊上发表180余篇学术论文。其中被SSCI/SCI收录130余篇，SSCI/SCI被引总次数4000余次，H指数38。有二十多篇论文被Web of Science的基本科学指标ESI列为学科前百分之一的高被引论文或学科前千分之一的热点论文。撰写的多个政策报告获中央政治局常委等国家领导人的正面批示，并被国家有关部委直接采纳。主持/合作主持国家自然科学基金重点项目各1项，面上（青年）项目5项，主持湖南省杰出青年基金等省部级项目11项，获教育部科技进步一等奖／湖南省自然科学二等奖等多项省部级奖项。