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This paper examines how the degree of happiness affects corporate risk-taking and the moderating influence of family ownership of firms on this relationship.

The authors use an international sample of 17,654 firm-year observations from 24 countries around the world from 2008 to 2016.

Using the happiness index from the World Happiness Report developed by the United Nations Sustainable Development Solutions Network, the authors show that a country's overall happiness is negatively correlated with risk-taking behavior by firms. The findings are robust to an alternative measure of risk-taking by firms. Further analyses document that the negative influence of happiness on firm risk-taking is more pronounced for family-owned firms.

The paper is consistent with the notion that happier people are likely to be more risk-averse in making financial decisions, which, in turn, reduces corporate risk-taking.

This study contributes to the broad literature on the determinants of corporate risk-taking and the growing literature on the role of sentiment on investment decisions. The authors contribute to the current debate about family-owned firms by demonstrating that the presence of family trust strengthens the negative influence of happiness on corporate risk-taking, a topic that has been unexplored in previous studies.

The purpose of this paper is to demonstrate the usefulness of the “audience exchange” approach for audience development and research, and to highlight the insights offered by peer-to-peer dialogue in understanding experiences of unfamiliar arts.

Using a case study with contemporary arts audiences, and setting this in the wider context of studies with other first-time attenders at a range of arts events, the paper explores the use of the “audience exchange” method, in which facilitated conversations after performance events allow newcomers to reflect upon and deepen their first-time encounters with live arts.

The study demonstrates the way in which conversations about arts events can enrich audience experience, and shows how participants use exploratory and emotional language to articulate their understanding of unfamiliar arts events. Peer-to-peer learning occurs through these conversations, in ways that could be further supported by arts organisations as a valuable tool for audience development. The audience exchange discussions also reveal the varieties of participation from “drifting” to full attention that are all part of audience engagement.

This is a small-scale, qualitative study, and the method has potential to be tested in future studies with a greater variety of participants (e.g. younger or more ethnically diverse groups).

Use of the audience exchange for enriching experiences of first-time attendance could be adopted by arts organisations as a regular part of their audience engagement. Greater understanding of how new audience members draw on prior cultural experiences in finding the language to articulate their first impressions of an unfamiliar arts event could be valuable for targeted marketing and increasing accessibility.

The originality of this study lies in its elaboration of the audience exchange method, and its focus on the language and peer-to-peer learning evident in the facilitated post-performance discussions.