Articlegreen2020

CEOs’ experience of the Great Chinese Famine and accounting conservatism

Jun Hu · Wenbin Long · Gary Gang Tian · Daifei Troy Yao

95 citations0/0 files storedJournal of Business Finance &amp Accounting

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Accounting and Organizational Management

Abstract

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.

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References

1983The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields 1984Upper Echelons: The Organization as a Reflection of Its Top Managers 1977The Population Ecology of Organizations 2001The theory and practice of corporate finance: evidence from the field 1997The conservatism principle and the asymmetric timeliness of earnings1 1994Politicians and Firms 2003Conservatism in Accounting Part I: Explanations and Implications 2015Policy Uncertainty and Corporate Investment

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