CEO's prison experience and corporate risk-taking

Shuang Huang, Zheng Zhang, Abraham Y. Nahm and Zengji Song

International Review of Financial Analysis, 2024, vol. 95, issue PB

Abstract: This paper studies the impact of a CEO's prison experience on corporate risk-taking. Using a sample of Chinese private sector manufacturing firms listed on the A-shares in Shanghai and Shenzhen from 2000 to 2021, the results show that firms led by CEOs with prison experience have higher levels of risk-taking. Further analysis suggests that the marketization process moderates the positive effect of the CEO's prison experience on corporate risk-taking. Similarly, the effect is less pronounced according to the CEO's education level and political identity. This paper also finds that the effect of the CEO's prison experience on corporate risk-taking is amplified during the period of COVID-19.

Keywords: CEO's prison experience; Risk-taking; Corporate governance; COVID-19 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:95:y:2024:i:pb:s105752192400320x

DOI: 10.1016/j.irfa.2024.103388

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