CEO early-life disaster experience and stock price crash risk

Chen, Yangyang; Fan, Qingliang; Yang, Xin; Zolotoy, Leon

doi:10.1016/j.jcorpfin.2021.101928

Cited by 126 publications

(43 citation statements)

References 99 publications

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“…Graham et al (2011), Zhang (2017), and Hu et al (2019 demonstrated that CEOs who had worked during the Great Depression or during the most recent global recession were deeply affected by the capital market's collapse. Bernile et al (2017), Hanaoka et al (2018), andChen et al (2019) examined the link between CEOs' disaster experience and firms' risk and capital costs. They proposed that CEOs who experienced fatal disasters without extremely negative consequences lead more aggressive firms, while CEOs who witnessed extreme disasters behave more conservatively.…”

Section: Managerial Experience and Corporate Actionsmentioning

confidence: 99%

CEOs’ Poverty Experience and Corporate Social Responsibility: Are CEOs Who Have Experienced Poverty More Generous?

2021

J Bus Ethics

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This study examines whether the chief executive officer's (CEO's) poverty experience has an impact on firms' corporate social responsibility (CSR). We find that firms' CSR performance increases with CEOs' poverty experience; specifically, firms with CEOs who experienced early-life poverty are associated with more socially responsible activities and fewer socially irresponsible activities, such as on-the-job consumption, and are more associated with key stakeholder-related rather than community-related CSR. We further find that the positive relationship between the CEO's poverty experience and CSR strengthens for well-educated or powerful CEOs. Our evidence is consistent with our conjecture that CEOs who experienced early-life poverty have stronger compassion and prosocial psychology. Consequently, these CEOs are more willing to make long-term investments in socially beneficial activities, leading to better CSR performance, which further confirms the altruistic motivation of CSR.

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Section: Managerial Experience and Corporate Actionsmentioning

confidence: 99%

CEOs’ Poverty Experience and Corporate Social Responsibility: Are CEOs Who Have Experienced Poverty More Generous?

2021

J Bus Ethics

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“…Several economics studies show that disaster experience has long-term effects on personal risk attitudes ( Callen et al, 2014 ; Cassar et al, 2017 ; Chen et al, 2021 ). Psychologists explain the underlying mechanism from the perspective of risk perception.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

Combating the COVID-19 pandemic: The role of disaster experience

Wang

et al. 2022

Research in International Business and Finance

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“…Upper echelons theory states that organizational outcomes are partially affected by the top management team, especially the CEO, the core member of the top management team (Hambrick and Mason, 1984). Previous studies have examined various aspects of the CEO and the resultant impact on firms' strategic decision making (Carmeli et al, 2012;Oesterle et al, 2016;Fralicha and Bitektineb, 2020), firm performance (Nguyen and Leblanc, 2001;Barker and Mueller, 2002;Peni, 2014), and relevant stock performance (Kim et al, 2016;Andreou et al, 2017;Al Mamun et al,2020;Chen et al, 2021). Moreover, in recent years, some studies have indicated that a CEO's personality traits can affect stock prices.…”

Section: Investors' Limited Attention and Ceo Media Exposurementioning

confidence: 99%

CEO Exposure, Media Influence, and Stock Returns

Chen

Zhang

et al. 2021

Journal of Global Information Management

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Media-aware stock movements are well acknowledged by the behavioral finance. As the soul of a firm, CEO’s media behavior is critical to the operation of a firm. CEO’s exposure could have captured the investors’ attention and enhanced the media effect in the stock market in terms of the “eyeball economics”, or CEO’s overexposure could have attracted more attention than firm-specific news, which attenuate the media effect in the stock market due to the investors’ limited attention. This study systematically explores the role and the moderating effect of CEO’s media behavior on the relationship between media content and stock markets. Using daily frequency data for a sample of Chinese stocks, this study shows that higher CEO media exposure attenuates the media effect on stock markets, especially consumer-related stocks.

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CEO early-life disaster experience and stock price crash risk

Cited by 126 publications

References 99 publications

CEOs’ Poverty Experience and Corporate Social Responsibility: Are CEOs Who Have Experienced Poverty More Generous?

CEOs’ Poverty Experience and Corporate Social Responsibility: Are CEOs Who Have Experienced Poverty More Generous?

Combating the COVID-19 pandemic: The role of disaster experience

CEO Exposure, Media Influence, and Stock Returns

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