Does CEO's disaster experience affect corporate maturity mismatch?-Evidence from the Great Famine in China

被引：2
|
作者：
Tang, Chun [1 ]
Lai, Xiaobing [1 ]
Liu, Xiaoxing [1 ]
机构：
[1] Southeast Univ, Sch Econ & Management, Nanjing 211189, Jiangsu, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 64卷
基金：
中国国家自然科学基金;
关键词：
Corporate maturity mismatch; CEO famine experience; Imprinting theory; EARLY-LIFE EXPERIENCES; CONSTRAINTS; INVESTMENT;
D O I：
10.1016/j.frl.2024.105487
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper studies the impact of CEO's childhood famine experience on corporate maturity mismatch. We find that such experience significantly exacerbates maturity mismatch, which is attributed to CEO's overconfidence and rising risk appetite caused by the Great Famine. Subsequent analysis provides the evidence of active mismatches by famine CEOs, and reveals that this proactive behavior results in a reduction in investment efficiency. Furthermore, we reveal that both internal control and institutional shareholding significantly restrain maturity mismatch caused by the famine experience, while oversight from insurance institutions instead amplifies the maturity mismatch issue.
引用
收藏
页数：8
相关论文
共 50 条
  • [41] DOES CONFUCIANISM AFFECT CORPORATE SOCIAL RESPONSIBILITY DECOUPLING? EVIDENCE FROM CHINA
    Chen, Jinyu
    Chen, Zekun
    Zhang, Juan
    TRANSFORMATIONS IN BUSINESS & ECONOMICS, 2024, 23 (02):
  • [42] Does internal control affect corporate environmental responsibility? Evidence from China
    Liu, Xin
    Liu, Siyi
    Wang, Jiani
    Chen, Hanwen
    INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2024,
  • [43] Does Short Selling Affect Corporate Payout Policy Evidence from China
    Tang, Danyun
    Pan, Yukun
    Liang, Dawei
    Zhao, Rui
    EMERGING MARKETS FINANCE AND TRADE, 2022, 58 (14) : 4065 - 4078
  • [44] Does gambling culture affect corporate internal control? Evidence from China
    Pan, Lin
    Zhuang, Zhanbo
    Ge, Chuanlu
    Cui, Qiyue
    FINANCE RESEARCH LETTERS, 2025, 76
  • [45] Does ESG performance affect corporate tax avoidance? Evidence from China
    Jiang, Hongli
    Hu, Wenjie
    Jiang, Pengcheng
    FINANCE RESEARCH LETTERS, 2024, 61
  • [46] How does climate risk affect corporate innovation? Evidence from China
    Li, Bin
    Yao, Yao
    Usman, Muhammad
    Han, Miaodi
    ACCOUNTING AND FINANCE, 2024, 64 (03): : 2279 - 2319
  • [47] Does real estate bubble affect corporate innovation? Evidence from China
    Wang, Chen
    Ma, Xiaowei
    Lee, Hyoungsuk
    Chu, Zhen
    PLOS ONE, 2021, 16 (09):
  • [48] Does foreign demand affect corporate financialization? Some evidence from China
    Tudi, Tayier
    Wu, Ji
    Chen, Minghua
    Jeon, Bang Nam
    EMERGING MARKETS REVIEW, 2025, 65
  • [49] Does Pollution Information Disclosure Affect Corporate Employment? Evidence from China
    Chen, Yao
    Chen, Liang
    SUSTAINABILITY, 2025, 17 (03)
  • [50] Does government procurement affect corporate carbon emissions? Evidence from China
    Tian, Zongtao
    Shen, Yongchang
    Chen, Zhibin
    ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS, 2024,
12345