CEO’s early-life war-experience and corporate philanthropic donation: Evidence from the Korean War

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2025-05-10 DOI:10.1016/j.jbef.2025.101061

Sanghak Choi , Hongmin Chun

引用次数: 0

Abstract

This study investigates the influence of CEOs' early-life exposure to war on corporate philanthropic donations, focusing on the Korean War as a unique historical context. The findings reveal a significant positive relationship between CEOs' early-life war experiences and the magnitude of corporate donations, particularly among those aged six to 15 during the war and from regions with higher war severity. Robustness checks, including propensity score matching and regression discontinuity design, confirm the validity of these results. The research contributes to upper echelons and imprinting theories by demonstrating how formative traumatic experiences shape altruistic decision-making and corporate policies. Moreover, it identifies moderating factors such as financial constraints, Chaebol affiliation, and foreign ownership weaken this relationship by limiting CEOs' decision-making autonomy or resources.

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首席执行官早年的战争经历与企业慈善捐赠：来自朝鲜战争的证据

本研究以朝鲜战争为独特的历史背景，考察了ceo早年战争经历对企业慈善捐赠的影响。研究结果显示，首席执行官的早期战争经历与企业捐款规模之间存在显著的正相关关系，尤其是在战争期间年龄在6至15岁之间以及战争严重程度较高的地区。稳健性检查，包括倾向评分匹配和回归不连续设计，证实了这些结果的有效性。该研究通过展示形成性创伤经历如何塑造利他主义决策和公司政策，为上层理论和印记理论做出了贡献。此外，该研究还发现，财务约束、财阀隶属关系和外资所有权等调节因素通过限制ceo的决策自主权或资源来削弱这种关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.