????這項(xiàng)最新研究可能會(huì)讓人們看著美國(guó)企業(yè)界再次直撓頭,。上周，美國(guó)國(guó)家經(jīng)濟(jì)研究局（National Bureau of Economic Research）發(fā)布的一項(xiàng)工作報(bào)告認(rèn)為,，由單身CEO管理的公司其股票風(fēng)險(xiǎn)高于那些由已婚CEO管理的公司,。
????這項(xiàng)研究由賓夕法尼亞大學(xué)沃頓商學(xué)院（University of Pennsylvania's Wharton School）的兩位教授進(jìn)行，調(diào)查了1,500家公司及其首席執(zhí)行官的婚姻狀況,。兩位教授發(fā)現(xiàn),，由單身CEO和已婚CEO經(jīng)營(yíng)的公司在公司行為上確實(shí)存在差異。單身CEO管理的公司往往會(huì)投入更多的錢在研發(fā),、收購(gòu)和其他能夠更快擴(kuò)大業(yè)務(wù)規(guī)模的投資上,，但失敗的概率也更高。結(jié)果是股價(jià)的波動(dòng)性更大,。
????單身CEO為什么更喜歡冒險(xiǎn),？對(duì)此，這項(xiàng)研究報(bào)告《管理者的婚姻狀態(tài)和風(fēng)險(xiǎn)觀》（Status, Marriage and Managers' Attitudes to Risk）有些語(yǔ)焉不詳,。兩位合著者尼克萊?羅薩諾夫和帕維爾?薩瓦認(rèn)為,，它肯定與約會(huì)有關(guān)。單身者愿意承擔(dān)更多風(fēng)險(xiǎn),，提高“配偶質(zhì)量”,。羅薩諾夫稱：“即便是在CEO中間，相對(duì)地位在婚姻中似乎也很重要,?！绷_薩諾夫稱，有可能選擇單身者天性更愛(ài)冒險(xiǎn),，但他認(rèn)為這不是答案,。他不認(rèn)為他的統(tǒng)計(jì)結(jié)果受到了科技公司的影響，科技公司往往有更多的研發(fā)投入以及更年輕的CEO,。他說(shuō),，各個(gè)行業(yè)和地區(qū)的CEO都驗(yàn)證了相同的調(diào)查結(jié)果，雖然不同地區(qū)的離婚法可能增加了在一些地區(qū)提出婚姻的風(fēng)險(xiǎn)（如果有人希望保護(hù)自己的財(cái)富的話）。
????羅薩諾夫以甲骨文（Oracle）的拉里?埃里森和微軟（Microsoft）的史蒂夫?鮑爾默為例,。埃里森在其職業(yè)生涯中很多時(shí)候都處于單身狀態(tài)（羅薩諾夫稱：“他離婚又結(jié)婚,，結(jié)婚又離婚，反復(fù)過(guò)好幾次,?！保M(jìn)行了眾多大規(guī)模收購(gòu),，性格好斗,。而鮑爾默在其職業(yè)生涯中大多數(shù)時(shí)候都是已婚狀態(tài)，外界對(duì)他的批評(píng)則是他沒(méi)有把微軟龐大的現(xiàn)金儲(chǔ)備多花掉一點(diǎn),。
????總體而言,，此次調(diào)查的公司中有約20%由單身CEO管理。羅薩諾夫無(wú)法說(shuō)明單身女性CEO和單身男性CEO之間有無(wú)差別,。因?yàn)榕訡EO的樣本數(shù)量不夠多,，缺乏統(tǒng)計(jì)意義。
????那么,，這個(gè)調(diào)查的意義何在,？首先要問(wèn)問(wèn)為何兩位沃頓教授關(guān)心起了CEO們的約會(huì)生活或婚姻生活。羅薩諾夫稱,，這個(gè)問(wèn)題涉及CEO對(duì)公司的影響力大小,，而這一點(diǎn)牽涉到CEO是否薪酬過(guò)高之爭(zhēng)。羅薩諾夫稱,，他的研究顯示,，CEO們、或者更具體的說(shuō)他們的私人生活（對(duì)公司）確實(shí)有影響,，影響可能還有點(diǎn)過(guò)大,。董事會(huì)本應(yīng)發(fā)揮作用，減少CEO由于正在追求一位或性感,、或智慧的配偶所導(dǎo)致的公司冒險(xiǎn)行為。但顯然,，董事會(huì)并沒(méi)有做到這一點(diǎn),。
????譯者：老榆木 |
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????Here's another study that will make you scratch your head about corporate America. A working paper released this week by the National Bureau of Economic Research finds that the stocks of companies with chief executives who are single are riskier than the shares of companies run by CEOs who are hitched.
????The study, which was conducted by two professors at University of Pennsylvania's Wharton School, looked at 1500 companies and the marital status of the companies' CEOs. The professors found a real difference in the behavior of companies run by CEOs who are single and those run by married top executives. The companies with an unmarried CEO tended to spend more money on things like R&D, acquisitions and other investments that could more rapidly increase the size of their businesses, but also had a higher chance of blowing up. The result was a more volatile stock price.
????Why are single CEOs more risk-prone? Here's where the study, which is titled Status, Marriage and Managers' Attitudes to Risk, gets a little dicey. Co-authors Nikolai Roussanov and Pavel Savor argue that it has to do with dating. Single individuals will take on more risk to increase "spouse quality." Says Roussanov, "Even among CEOs, relative position seems to matter in the marriage market." Roussanov says it is possible that people who chose to be single are just risk-takers by nature, but he doesn't think that is the answer. Nor did he think his results were skewed by the fact that technology companies tend to make more R&D investments and have younger CEOs. He said the results he found where the same across industries and the same no matter where the CEO lived, despite different divorce laws which could make marriage, if you are trying to protect your wealth, a riskier proposition.
????Roussanov pointed to Larry Ellison of Oracle (ORCL) and Steve Ballmer of Microsoft (MSFT) as examples. Ellison, who has been single many times in his career ("He's made the round trip transaction a few times," says Roussanov.), has completed a number of large acquisitions in his career and been combative with competitors, Roussanov says. Balmer, who has been married for much of his career, has been criticized for not spending more of Microsoft's large cash hoard.
????In all, about 20% of the companies they looked at had single CEOs. Roussanov couldn't say whether there was a difference in behavior between single women CEOs and single male CEOs. There wasn't enough women CEOs for the results to be statistically significant.
????So what to make of all this? One good question is why two Wharton professors are venturing into the dating, or not dating, lives of CEOs. Roussanov says the issue has to do with how much influence a CEO has on the company. That plays into the debate about whether CEOs are overpaid. Roussanov says his research suggests that CEOs, and more specifically their private lives, do matter, perhaps a little too much. Boards should be able to mitigate any corporate risk taking made solely because the CEO is trying to get a hotter or smarter spouse. Apparently they are not. |
