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<p>This study investigates how CEOs’ early-life exposure to China’s Great Famine influences corporate R&amp;D investment. Drawing on upper echelons theory and imprinting theory, we posit that famine experiences between ages five and fifteen leave lasting psychological imprints that shape CEO’s decision-making. Using data from 827&#xa0;A-share listed firms in China from 2010 to 2022, we find that CEOs with higher famine imprint intensity invest less in R&amp;D. This negative relationship strengthens with longer exposure duration. Organizational slack weakens imprint-driven conservatism by reducing perceived risk, while higher CEO ownership concentration reinforces it. Our results remain robust across instrumental variable regressions, Heckman two-step models, alternative variable specifications, and age-cohort analyses. These findings advance understanding of how early-life adversity interacts with organizational conditions to shape strategic innovation decisions.</p>

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Famine imprint: CEOs’ childhood famine experiences and R&D investment

  • 期刊论文

  • 发表日期：

    2025年11月25日

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  • Lu Shang,
  • Siqi Han,
  • Donghong Li

摘要

This study investigates how CEOs’ early-life exposure to China’s Great Famine influences corporate R&D investment. Drawing on upper echelons theory and imprinting theory, we posit that famine experiences between ages five and fifteen leave lasting psychological imprints that shape CEO’s decision-making. Using data from 827 A-share listed firms in China from 2010 to 2022, we find that CEOs with higher famine imprint intensity invest less in R&D. This negative relationship strengthens with longer exposure duration. Organizational slack weakens imprint-driven conservatism by reducing perceived risk, while higher CEO ownership concentration reinforces it. Our results remain robust across instrumental variable regressions, Heckman two-step models, alternative variable specifications, and age-cohort analyses. These findings advance understanding of how early-life adversity interacts with organizational conditions to shape strategic innovation decisions.