We examine how ownership by couples affects risk taking in family firms. We find that firms co-owned by couples exhibit significantly lower stock return volatility. This result is robust to a difference-in-differences approach based on a smaller sample and an instrumental variable approach....

Prior studies have documented the influences of the cultural values of collectivism and high power distance on creativity and innovation. However, despite the extensive body of upper echelons literature on how CEOs’ prior experiences affect firm behavior, we know little about how executives’...