本研究探討經理人大學階段恐怖攻擊經驗對公司創新程度之影響，我們檢視此經驗是否會產生憤怒或恐懼之情緒，進而影響經理人風險偏好或個人特質並體現於公司創新程度。 本研究發現經理人的大學恐怖攻擊經驗使其產生較為憤怒的情緒，並持續影響至其任職於公司時較愛好風險，進而增加公司創新投入；而當經理人曾於大學階段遭遇恐怖攻擊事件時，該經驗所產生的憤怒情緒使經理人變得較為不嚴謹，進而減少公司創新產出。本文子樣本測試結果發現大學時期的恐怖攻擊經驗對男性經理人的影響較大，並產生憤怒情緒使其傾向風險愛好及不嚴謹的個人特質，進而增加創新投入並減少創新產出。本文也發現大學階段的恐怖攻擊經驗將使年輕經理人增加任職期間公司的創新投入，卻使年長經理人任職期間公司的創新產出減少。本文亦將經理人大學位置所在州的犯罪率納入考慮，結果仍與原始結果一致。;In this paper, we discuss the impact of CEO’s experience of terrorist attacks during their university period on corporate innovation. We investigate whether the experience produces emotion with anger or fear, which changes the CEOs’ risk preference or personal characteristic, and affects the corporate innovation. We find that CEOs’ experience of terrorist attacks during university periods makes them feel angrier, which continued to affect their risk preferences toward to risk-loving and spend more in R&D activities. On the other hand, the anger generated from the experience makes them less rigorous, which decreased the value of innovation. The results from subsample tests show that the terrorist attack experience during college periods has a greater impact on male managers and generates anger, which makes them more risk-loving and incautious, thereby increasing R&D expenditure and decreasing the value of innovation. We also find that the experience for young CEOs will increase firms’ R&D expenditure, but decrease the value of innovation for old CEOs. In addition, we also take the crime rate of the states where CEOs’ universities are located into account, and the results remain consistent with our original results.
