Abstract
This study examines how the sudden death of peer CEOs influences competitor CEOs' risk-taking. This study finds that competitor CEOs who have witnessed peer CEOs' sudden death tend to take on more risks in the post-death period. This study also finds that competitor CEOs' risk-taking becomes stronger when similarity in resource allocation profiles between a peer CEO firm and a competitor CEO firm is greater. Consistent with the prediction of terror management theory, the findings suggest that mortality salience can promote CEOs' risk-taking by strengthening their motivation to bolster their worldviews and self-esteem. This study contributes to the literature on strategic leadership by shedding light on the sudden death of peer CEOs can play an important role in affecting competitor CEOs' decision-making.
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