Living through the Great Chinese Famine: Early-life experiences and managerial decisions
Xunan Feng and
Anders Johansson ()
Journal of Corporate Finance, 2018, vol. 48, issue C, 638-657
Previous studies have linked personal characteristics of business leaders to corporate decisions and outcomes. We analyze if the traumatic experience of the Chinese Famine has an impact on managerial decisions. By exploiting the exogenous variation in local severity of the famine, we find that having lived through the famine during one's younger years is associated with more conservative financial, investment, and cash holding policies, a lower likelihood of unethical behavior, and better firm performance during economic downturns.
Keywords: Managers; Corporate decisions; Fraud; Corporate governance; China (search for similar items in EconPapers)
JEL-codes: D03 D83 D84 G11 G31 G32 J24 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: Living through the Great Chinese Famine: Early-Life Experiences and Managerial Decisions (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:48:y:2018:i:c:p:638-657
Access Statistics for this article
Journal of Corporate Finance is currently edited by A. Poulsen and J. Netter
More articles in Journal of Corporate Finance from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().