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Top Executives’ Early-Life Famine Experience and Corporate ESG Performance

Author

Listed:
  • Lin Yu
  • Honglei Zhu
  • Yifan Wang
  • Shuyi Cheng

Abstract

This study investigates the influence of board chairs’ early-life famine experiences on firms’ ESG performance. Using China’s Great Famine (1959–1961) context, we find that board chairs reduce corporate ESG engagement if ever experienced the famine during childhood and adolescence. The firms’ ESG performance decreases with the famine severity of the chairs’ birthplace. Consistent with the imprinting theory, this adverse impact of famine experience is mitigated when board chairs left their birthplace. We further show that the negative relationship between board chairs’ famine experience and firms’ ESG performance is more pronounced when the economic policy uncertainty is high or if the firm is not state-owned. These results are consistent with our conjecture that severe famine experience leave “risk aversion” and “political apathy” imprints on the board chairs, leading them less willing to invest in ESG.

Suggested Citation

  • Lin Yu & Honglei Zhu & Yifan Wang & Shuyi Cheng, 2026. "Top Executives’ Early-Life Famine Experience and Corporate ESG Performance," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 62(6), pages 1983-1998, May.
    • Handle: RePEc:mes:emfitr:v:62:y:2026:i:6:p:1983-1998
    DOI: 10.1080/1540496X.2025.2553795
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