Abstract：Using the samples of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2019, this study explored the impact of Chief Executive Officer (CEO) psychological heterogeneity on derivatives use in listed companies. The study found that listed companies were more likely to use derivatives when CEOs had high risk-taking willingness or extreme gambling speculative psychology. Further research revealed that non-CEO executives with expertise in derivatives were more likely to support the use of derivatives by CEOs who were willing to take risks (and not by CEOs who were willing to gamble). Second, the higher CEO’s risk-taking willingness, the less likely it was for listed companies to meet the hedging requirements of China Accounting Standards for Enterprises No.24 (CAS24), but more likely for selective hedging. Finally, companies using derivatives were more likely to have heterogeneity of technological innovation because of CEO psychological heterogeneity.
李庆华，郭飞，刘坤鹏，裘丽娅. CEO心理异质性对上市公司衍生工具使用的影响[J]. 管理学报, 2022, 19(5): 768-.
LI Qinghua，GUO Fei，LIU Kunpeng，QIU Liya. The Impact of CEO Psychological Heterogeneity on Derivatives Use in Listed Companies. Chinese Journal of Management, 2022, 19(5): 768-.
