The manager's personal wealth is one of the central building blocks of agency theory, which considers wealth to be an especially important source of individual utility. The managers' financial position, or the portion of their financial well-being that is not dependent on the firm, is also introduced in the original formulation of upper echelons theory. However, despite the importance of executive personal wealth to both theories, it is rarely mentioned, and even more scarcely studied. My research builds on and extends agency and upper echelons theories by focusing on executive personal wealth, defined here as the portion of executive net worth that is not attached to current employment at the firm (i.e., not contingent on current or future earnings). As such, this research provides an initial answer to the following research question: how does the average personal wealth of the top management team as well as within-team differences in wealth influence firm strategic choices with respect to risk? Specifically, I argue that external wealth alters how managers view firm decisions regarding risk; thus, I hypothesize that average top management team (TMT) wealth is negatively related to firm unrelated diversification, positively related to R&D investments, and positively related to firm risk. Next, I propose that two types of within-group diversity ? TMT wealth diversity and TMT pay dispersion ? attenuate the effect of average TMT wealth on these firm outcomes. I test my hypotheses on a panel dataset of over 700 firms/TMTs from the S&P1500 over 2002?2008 using panel tobit and fixed effect models, and conduct multiple robustness checks. Empirical results strongly and consistently support the hypothesized main effects of wealth. However, the results regarding the moderating effect of within-group diversity are weak, as the majority of the moderation hypotheses are not supported. The main conclusion is that wealthier TMTs are less risk averse with respect to firm strategic decisions, which manifests in greater R&D spending, lower unrelated diversification, and higher overall firm risk. Theoretical and empirical implications as well as suggestions for future research are discussed.

Ytters är skälen till undersökningarna i denna avhandling ekonomiska. Att flyga moderna krisgsflygplan är dyrt. Kan effektiv träning bedrivas intermittent i stället för kontinuerligt? Kan billigare skolflygplan vara ett komplement till krigsflygplan i systemutbildningen? En studie av intermittent flygning på jaktflygplan gjordes i två etapper, först i simulator - del I i avhandlingen - och sedan i luften - del II i avhandlingen. En del av en attackstudie med kompletteringsflygning i skolflygplan är del III.  Studierna hade en experiment-kontrollgrupps-design. I jaktstudien jämfördes avgångna flygförare med aktiv personal. I attackstudien jämfördes aktiva förare vid en experimentdivision med likaledes aktiva förare vid en kontrolldivision. Prestationsvärdering är av avgörande betydelse i undersökningarna. Parallellt med flygförarnas prestation har även deras arbetsbelastning mätts både i simulator och i luften, liksom deras ansträngning, motivation och sinnesstämning. Prognosen från simulator till luften angående förarnas kapacitet och operativa användbarhet kunde förbättras, när hänsyn togs även till andra variabler än prestation. Modeller av flygförares funktion och prestation under flygning kunde konstrueras med utgångspunkt från den utmaning, d v s risk och svårighet, som upplevdes före flygning.

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I vårt arbete har vi undersökt sambandet mellan företagens kreativa klimat och personalrörlighet. Genomgång har även gjorts av olika teorier kring ledarskapets påverkan på företagets kreativa klimat. Den svenska arbetsrättslagstiftningens påverkan på personalrörlighet har behandlats både i ett nationellt perspektiv och i en internationell jämförelse. Vi har genomfört en enkätundersökning på 196 företag i Värmland, där vi undersökt sambandet mellan personalrörlighet och det kreativa klimatet i de företagen. Vårt urval bestod av företag som extremt mycket ökat respektive minskat antal anställda under 2005, samt de företag som hade en extremt låg förändring av antalet anställda under samma år. Delar av Ekvalls undersökningsinstrument (CCQ) har använts i enkäten, med fokus på de klimatdimensioner som verkar främjande för radikala innovationer. Materialet redovisas för respektive klimatdimension: frihet, debatt, risk och livfullhet. En geografisk uppdelning har även gjorts för östra Värmland, västra Värmland samt Karlstadregionen. Resultatet är även redovisat per bransch. Avslutningsvis diskuterar vi resultatet och sättet att genomföra undersökningen. Vi påpekar däri vikten av att förstå att det är företagsledningarna som har svarat på enkäten och inte de anställda. Det är alltså ledningens uppfattning om det kreativa klimatet i företaget som speglas i resultatet. De viktigaste slutsatserna vi kan dra efter analys av resultatet är att: Det upplevda kreativa klimatet bland företagens ledningsgrupper tycks öka då företagen kraftigt ökar antalet anställda. Företag som kommit ur sina svårigheter uppvisar också positiva resultat. Däremot tycks det kreativa klimatet vara på en något lägre nivå i företag med endast blygsamma förändringar av antalet anställda. Ledningsgrupperna i de värmländska företagen upplever sig som återhållsamma avseende risktagande, dvs: organisationens benägenhet att tolerera osäkerhet, att ta tillvara uppdykande tillfällen, att handla snabbt, att ta tillvara på uppdykande tillfällen och att prova hellre än utreda. De företag med endast små förändringar av antalet anställda, vågar ta större risker. De företag som kraftigt minskar antalet anställda är de som är minst riskbenägna. Företagen som kraftigt ökar antalet anställda uppvisar en riskbenägenhet som ligger mellan dessa två företagsgrupper. Den stora majoriteten av de värmländska företagen riskerar att stagnera klimatmässigt. För att bibehålla och öka sin konkurrenskraft, måste de därför vidta andra åtgärder för att öka och stärka sina kreativa klimat, exempelvis genom en ökad intern rörlighet och ett aktivt och långsiktigt samarbete med universitetet och företag som bidrar till att förbättra det kreativa klimatet. Avslutningsvis vill vi uppmana företagen i Värmland att börja våga anställa företagens viktigaste resurs, människorna, för att därigenom förbättra företagens kreativa klimat. På detta sätt stärks det värmländska näringslivets innovationskraft, och därmed en av framtidens viktigaste förutsättningar för Hållbar Värmländsk Växtkraft. / In this thesis we have investigated the influence of personnel mobility on the creative climate of the organization. Swedish labour law and its influence on employee mobility has been studied both in a national as well as an international perspective. We have conducted a survey of 196 companies in Värmland, in which we studied the relation of employee mobility and their creative climate. We choose to study companies that have increased or decreased their number of employees to a very large degree during 2005, and those companies that made very small changes of their number of employees during the same year. We have used parts of professor Ekvall’s Creative Climate Questionnaire instrument, CCQ, focusing on the dimensions of creative climate which primarily tend to benefit radical innovations. In the thesis, we have focussed on the dimensions concerning freedom, debate, risk, and liveliness. We divided the result geographically, as well as by type of business. It is important to be aware that the questionnaire has been answered by the management of the companies, and not the employees. The most important conclusions of this thesis are: The creative climate seems to benefit from a great increase in the number of employees. Companies that have improved their business from a low level, at which they had to drastically reduce the number of employees, also show signs of improved creative climate. It also seems that the creative climate of those companies that have had only marginal changes of their number of employees is somewhat lower than the others. The company management of the companies in Värmland, who reduced their number of employees drastically during 2005, describe themselves as not too keen on taking risks, which in this context concerns the readiness of organizations in tolerating uncertainties. Risk taking companies act prompt and quickly on emerging possibilities, arising opportunities are taken and concrete experimentation is preferred to detailed investigation and analysis. The companies with only small changes of their number of employees show higher degrees of risk taking, than those with higher numbers of personnel mobility. The companies that have drastically increased the number of employees seem to be in between the other two company groups. The great majority of companies in Värmland risk facing creative climate stagnation. In order to maintain and improve their company competitive abilities, the companies need to take measures to improve their creative climate, for example by increasing their internal employee mobility, and by developing an active cooperation with the university and other actors that contribute to improve the creative climate.

sing a dataset record account-level trades and orders from Taiwan Futures Exchange, we examine whether the variations of risk taking follows the overconfidence bias for four types of traders, including individuals, foreign institutions, domestic institutions, and foreign institutional traders. Our findings show that when investors are individuals and domestic institutions, the variations of trading activities for overconfident investors are greater than others. However, the results are not significant for foreign institutions and foreign institutional traders. Therefore, we demonstrate that investors take more risk following overconfidence. / Using a dataset record account-level trades and orders from Taiwan Futures Exchange, we examine whether the variations of risk taking follows the overconfidence bias for four types of traders, including individuals, foreign institutions, domestic institutions, and foreign institutional traders. Our findings show that when investors are individuals and domestic institutions, the variations of trading activities for overconfident investors are greater than others. However, the results are not significant for foreign institutions and foreign institutional traders. Therefore, we demonstrate that investors take more risk following overconfidence.

This thesis addresses the opportunities and difficulties that can occur in the creation of an innovation arena concerning sustainable city solutions. A case study was conducted of the Stockholm Royal Seaport project and a model for the management of an innovation arena was created. Three critical factors were discovered which were commitment, collective risk taking and trust and their connection to the overall common vision for an innovation arena. Conclusions after analyzing the critical factors was that clear contracts needs to be established and that third party involvement in the process of searching, qualifying and coaching of involved actors can be helpful in the process of developing an innovation arena.

Syfte: Undersöka preventivmedelsanvändning, sexuellt riskbeteende gällande könssjukdomar och oönskade graviditeter samt skillnader i sexuellt riskbeteende mellan olika ursprung, självförtroende och ålder vid sexuell debut hos kvinnor i åldern 14-31 år. Metod: En enkätundersökning, konsekutivt urval, utförd på RFSU-kliniken under år 2011 inkluderade 419 kvinnor. Resultat: Kondom var det vanligaste preventivmedlet vid första samlaget och p-piller var vanligast vid senaste samlaget. Nästan hälften, 48,7 %, hade haft en könssjukdom, klamydia var vanligast. Över hälften, 60,2 %, hade riskerat att få en könssjukdom och 45,6 % hade riskerat att bli oönskat gravid under de senaste tolv månaderna. Den främsta anledningen till detta var på grund av att de struntade i kondom ”i stundens hetta”. Kvinnor som haft sin sexuella debut i yngre ålder angav oftare att de haft en könssjukdom och någon gång under de senaste tolv månaderna riskerat att bli oönskat gravid. Kvinnor som skattat sitt självförtroende som högt struntade oftare i att använda kondom ”i stundens hetta”. Slutsats: Över hälften hade ett sexuellt riskbeteende gällande könssjukdomar och oönskade graviditeter. Kvinnor som hade sin sexuella debut i yngre ålder samt kvinnor som skattade sitt självförtroende högt visade oftare på ett sexuellt riskbeteende. Det fanns ingen signifikant skillnad mellan svenskfödda och utlandsfödda gällande ett sexuellt risktagande. / Aim: Investigate contraceptive use, sexual risk behavior regarding sexually transmitted diseases (STD’s) and unwanted pregnancies and examine differences in sexual risk behavior regarding different backgrounds, self-confidence and age at first intercourse in women aged 14-31 years. Method: Consecutive sample including 419 women with a questionnaire, at a RFSU-clinic in Stockholm, 2011. Results: Condoms were most common at first intercourse and oral contraceptives most common at latest intercourse. Almost half had had an STD, Chlamydia the most common. Almost 60 % risked getting STD’s and 45,6 % risked unwanted pregnancies at sometime during the last twelve months. Main reason why participants risked this was because they ignored the condom in “the heat of the moment”. Women who had their first intercourse at a young age more often have had an STD and during the last twelve months risked an unwanted pregnancy. Women with a high self-confidence more often ignored using a condom in “the heat of the moment”. Conclusion: Over half of the participants had a sexual risk behavior regarding STD’s and unwanted pregnancies. Women who had their first intercourse at a young age and women with a high self-confidence showed signs of sexual risk-taking. There’s no significant difference between Swedish born and foreign born participants regarding sexual risk-taking.

Tidigare forskning kring sexuellt riskbeteende i Sverige har hitintills främst fokuserat på attityder till kondom och kondomanvändning. I dagsläget saknas forskning kring sambandet mellan sexuellt riskbeteende och personlighet i Sverige. I denna studie genomfördes en enkätundersökning bland 59 unga vuxna för att undersöka samband mellan sexuellt riskbeteende och personlighet. Några signifikanta samband hittades; bland annat mellan social förmåga och impulsiva sexuella beteenden. När enbart sexuellt riskbeteende studerades så fanns signifikanta medelvärdesskillnader mellan könen. Det hittades även att självförtroende är en viktig komponent för generellt sexuellt riskbeteende bland män och kvinnor. / Earlier research on sexual risk-taking in Sweden has primarily concerned attitudes towards condom and condom use. In the current situation, research on the relationship between sexual risk-taking and personality in Sweden is still missing. A survey was conducted among 59 young adults to investigate relationship between sexual risk-taking and personality. Some significant relationships were found; for instance between social ability and impulsive sexual behaviors. When only sexual risk-taking was considered, there were significant mean differences between the genders. Also, self-confidence was found to be an important component for general sexual risk-taking among men and women.

This study examined the relation between executive functioning (EF) and risk taking in adolescents using a dual system approach. According to the dual system perspective adolescents are prone to engage in risky behaviors as a result of an imbalance between the cognitive control system and the affective system (Casey, Getz & Galvan, 2008; Cohen, 2005; Steinberg, 2008; Van Leijenhorst et al., 2010). We investigated both the possible direct impact EF capacity has on risk taking as well as how the developmental trajectory of EF influences adolescent risk taking. 34 participants between 15-18 years of age from a non-clinical group carried out four computerized tasks. Two tasks measured risk taking, the Balloon Analogue Risk Task (BART) and the Columbia Card Task (CCT) and two tasks measured EF, N-back and the Matrix Monitoring Task. The participants had earlier carried out similar EF tasks in 2004 and 2008. The results showed that risk taking tendencies correlated negatively with performance in the EF tasks. No correlation was found between developmental trajectories of EF and risk taking. An alternative explanation for this result is presented. Our findings indicate support for the dual system perspective and we discuss some practical implications of the dual system way of looking at risk taking.

The aim of the represent research was to investigate the relationship between illusion of control, optimism bias, locus of control, and drivers&rsquo / risk-taking behavior among Turkish drivers. A total of 307 drivers completed the Driver Behavior Questionnaire, the Driver Skills Inventory, the Optimism Bias Scale, the Multidimensional Traffic Locus of Control Scale, and Rotter&rsquo / s Internality Externality Scale. In chapter one, comparison between perceived risk as driver and perceived risk as passenger demonstrated existence of illusion f control among drivers. Drivers&rsquo / risk assignments were different when imagining themselves as drivers and passenger. Illusion of control was found to be related to the total number of accidents, especially involvement in active accidents. This indicates a positive relationship between illusion of control and risk-taking behavior. In the second chapter, optimism bias was found in drivers&rsquo / risk likelihood estimations for accident involvement in the future. Drivers estimated their risk of being involved in four types of accidents as less than an average driver. Optimism bias was related to self-reported violations and strong evaluation of driving and safety skills as strong. Young and novice drivers were more realistic in their risk estimations. In the third chapter, relationship between locus of control and risk-taking was investigated. Only fate scale correlated with violations. Drivers who attribute accident causes to fate were more likely to commit violations. The limitations of the current research and implications for further research were discussed.