We examine the relations between golden parachutes (GPs), pay-performance sensitivity (delta), and managerial risk-taking. We find an insignificant effect of GPs, but a negative and significant interaction of GPs with delta, on risk-taking. These results are consistent with the “takeover...

This paper conducts a systematic analysis of the effect of CEO tenure on risk-taking. We document an overall positive relation between tenure and risk-taking. The results are inconsistent with viewing tenure primarily as an indicator of human capital investment. Though we can not rule out the...