Peasant youth experiences of CEOs, risk aversion and corporate performance

Kebin Deng, Zhong Ding and Yalu Wang
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Kebin Deng: School of Economics and Finance, South China University of Technology, China
Zhong Ding: School of Accounting, Guangdong University of Foreign Studies, China
Yalu Wang: School of Economics and Finance, South China University of Technology, China

Rationality and Society, 2020, vol. 32, issue 3, 278-312

Abstract: This article examines the impact of spiritual tempering on corporate performance by investigating the experiences of CEOs who were part of the “peasant youth†between 1957 and 1976 in China. Using a sample of China’s listed companies and by developing propensity score matching and a difference-in-differences model, we find that CEOs who had profound peasant youth experiences have a stronger awareness of risk prevention and that these experiences lead to an improvement in corporate performance of over 3%. In addition, the positive impact of CEOs’ peasant youth experience on corporate performance is pronounced in either state-owned or non-state-owned enterprises. Overall, this study confirms that spiritual tempering has a significant positive impact on corporate performance.

Keywords: Corporate performance; peasant youth experience; risk appetite; spiritual tempering (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ratsoc:v:32:y:2020:i:3:p:278-312

DOI: 10.1177/1043463120945636

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