Zhao Yang, Hu Jun, Liu Lang
School of Management, Jinan University, Guangzhou, China.
Management School, Hainan University, Haikou, China.
Front Psychol. 2022 Nov 25;13:1041630. doi: 10.3389/fpsyg.2022.1041630. eCollection 2022.
This paper aims to examine the impact of CEOs' early-life disaster experiences on corporate earnings quality. We proxy the disaster experience with whether CEOs lived through the Great Chinese Famine and the famine intensity they experienced. The results indicate that CEOs' early-life famine experience is significantly positively associated with corporate earnings quality, and the famine effects are more obvious for CEOs who experienced the famine at adolescent ages. Further tests show that the famine experience effects are more pronounced in companies with high investor protection and cross-listing and with CEOs who have a relatively high level of education or background in economic management. The findings suggest CEOs would bear the imprint of an adverse early-life experience, which has risk aversion and learning effects on their decision making in corporate earnings information disclosure.
本文旨在研究首席执行官（CEO）早年的灾难经历对公司盈利质量的影响。我们用CEO是否经历过中国大饥荒以及他们所经历的饥荒强度来代表灾难经历。结果表明，CEO早年的饥荒经历与公司盈利质量显著正相关，且对于在青少年时期经历饥荒的CEO来说，饥荒影响更为明显。进一步的测试表明，在投资者保护水平高、有交叉上市情况的公司，以及CEO具有较高教育水平或经济管理背景的公司中，饥荒经历的影响更为显著。研究结果表明，CEO会留下早年负面经历的印记，这对他们在公司盈利信息披露决策中具有风险规避和学习效应。
