早年经历大饥荒CEO，影响公司会计与财务行为吗？最新会计学者国际发文启示

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【征稿】“厦大家澍 百年辉映”葛家澍学术思想讨论会
2021 Financial Markets and Corporate Governance Conference

编者按：凡是经历过上世纪六十年代大饥荒的人们都不会忘记整天腹内空空饥肠辘辘，饿得抓耳挠腮的那种感觉。那个年代出生的婴幼儿一出生就要面对挨饿，少年儿童正长身体时却无法得到必须的食物。这种早年的饥荒经历，如同烙印一样印在脑海里，无疑将对个人生活和工作产生重要影响。本期会计前沿栏目将为朋友们推送在国际知名会计、财务期刊发表的中国会计学者有关“早年大饥荒经历经济后果”的四篇的文章。

1.CEOs’ experience of the Great Chinese Famine and accounting conservatism

Journal of Business Finance & Accounting
 Volume47, Issue9-10, October/November 2020

Jun Hu
School of Management, Hainan University, China
Hainan Institute of Corporate Governance, China

Wenbin Long*
Wenbin Long, Professor in School of Accounting, Guangdong University of Foreign Studies, Guangzhou, Guangdong 510006, China.

Gary Gang Tian
Department of Applied Finance, Macquarie University, Australia

Daifei (Troy) Yao
School of Accountancy, QUT Business School, Australia

Abstract:This study investigates how a CEO's early‐life experience of the Great Chinese Famine affects corporate accounting conservatism. We find that companies whose CEOs had experienced famines in early life adopted more conservative accounting policies. This famine experience effect is more pronounced in high uncertainty environments proxied by non‐SOEs, politician turnovers and the adoption of International Financial Reporting Standards (IFRS). Additional tests indicate that CEOs with famine experience tend to support conservative accounting practices for contingencies and accelerate the recognition of asset impairments in negative events. Overall, consistent with imprinting theory, our results highlight the role of early‐life traumatic experiences in shaping CEOs’ risk preferences and financial reporting policies.

2.Bearing an imprint: CEOs' early-life experience of the Great Chinese Famine and stock price crash risk

International Review of Financial Analysis
Volume 70, July 2020, 101510

Wenbin Long*
Professor in School of Accounting, Guangdong University of Foreign Studies, Guangzhou, Guangdong 510006, China.

Gary Gang Tian
Department of Applied Finance, Macquarie University, Australia

Jun Hu
School of Management, Hainan University, China

Daifei (Troy) Yao
School of Accountancy, QUT Business School, Australia

Cite：https://doi.org/10.1016/j.irfa.2020.101510Get rights and content

Highlights
•There is a negative association between CEOs’ early-life experience and the stock price crash risk.
•CEOs decision-making powers and state-ownership moderate the negative association between famine experience and crash risk.
•Direct links are found between famine experience and various factors that have been documented as determinants of crash risk.
•The results support behavior economics theory on imprinting.

Abstract:We propose and test whether adverse life events experienced by CEOs are associated with firms' stock price crash risk. Based on a large sample of Chinese companies from 2000 to 2015, we find evidence that companies whose CEOs experienced the Great Chinese Famine in early life have lower stock price crash risk than those with CEOs who did not experience the famine. Further, the negative association between famine experience and crash risk is more pronounced for firms whose CEOs have greater decision-making powers and for non-State-owned enterprises. We also find direct links between famine experience and various factors that have already been documented as determinants of crash risk. Our results support behavior economics theory on imprinting: CEO memories of adverse life experiences have an indelible effect on their decision-making processes, which in turn influence how the financial information is provided and disclosed to the stock market.

Keywords:CEO early-life experiences; Great Chinese famine; Stock price crash risk; Imprinting theory

3.Top executives’ early‐life experience and financial disclosure quality: impact from the Great Chinese Famine

Accounting and Finance
Volume60, Issue5,December 2020
Pages 4757-4793

Shouyu Yao
College of Management and Economics, Tianjin University, Tianjin, China

 Zhuoqun Wang
Boston College, Chestnut Hill, MA, USA

Mengyue Sun
College of Management and Economics, Tianjin University, Tianjin, China

  Jing Liao
School of Economics and Finance, Massey University, Palmerston North, New Zealand

 Feiyang Cheng*
College of Management and Economics, Tianjin University, Tianjin, China

https://doi.org/10.1111/acfi.12659

Abstract:This study investigates the impact of top executives’ Great Chinese Famine experience on firm financial disclosure quality. We find firms led by top executives who experienced the great famine in early life are less likely to conduct fraudulent financial reporting. The famine effect is more pronounced in state‐owned enterprises (SOEs), smaller‐cap, lower‐profitability level firms and firms with weaker external monitoring. Further evidence suggests that top executives with great famine experience show greater tendency to implement secured debt structure, effective internal control and spend less on entertainment and travel costs, which in turn reduce the likelihood of fraudulent financial reporting.

4.Living through the Great Chinese Famine: Early-life experiences and managerial decisions☆

Journal of Corporate Finance
Volume 48, February 2018, Pages 638-657

Xunan Feng
Shanghai University of Finance and Economics, China

Anders C. Johansson *
Stockholm School of Economics, Sweden

https://doi.org/10.1016/j.jcorpfin.2017.11.012Get rights and content

Abstract: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.

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