Abstract
Internationalization studies have pointed to the importance of risk and managerial risk attitudes for understanding firm internationalization choices. Previous research has built on the assumption of risk averse managers or has conceptualized risk taking as highly situational e.g. depending on managerial international experience. In this study, we employ a measure of managerial risk- taking propensity based on managers’ private investment decisions that is reflective of managerial intrinsic risk preferences. Using a sample of 3392 M&A undertaken by 983 Norwegian firms in the period 2000-2013, we provide empirical evidence that managerial risk taking propensity is positively associated with international intensity, diversification and national distance in the cross- section of firms. These relations are weaker in the case of larger board size and higher share of independent board members.
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