The power of scholar: CEO academic experience and corporate debt default risk

Ning Zhang, Lan Bo and Xuanqiao Wang

Applied Economics, 2025, vol. 57, issue 37, 5613-5627

Abstract: This study investigates the impact of CEO academic experience on corporate debt default risk among Chinese A-share listed companies from 2008 to 2021. The findings highlight the significant role of CEO academic experience in reducing the risk of corporate debt default. Channel analysis further elucidates that CEOs with academic backgrounds contribute to easing financing constraints and enhancing corporate innovation, thereby mitigating debt default risks. Further analysis indicates a more pronounced inhibitory effect on debt default risk for CEOs with academic backgrounds, particularly in financially distressed, high-tech and CEO non-politically affiliated enterprises. The study provides valuable insights for strategic executive selection and promotes the high-quality development of enterprises.

Date: 2025
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DOI: 10.1080/00036846.2024.2364942

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