Post-traumatic growth of CEOs and corporate giving: Evidence from the Korean War

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-08-01 DOI:10.1016/j.ribaf.2025.103101

Seunghyun Cho , Jinhan Pae , Choong-Yuel Yoo

引用次数: 0

Abstract

This study investigates how CEOs’ childhood traumatic experiences, specifically those arising from the Korean War experienced between the ages of six and twelve, influence corporate giving behaviors. Using corporate charitable contributions as a manifestation of “altruism born of suffering,” we find that firms led by war-traumatized CEOs donate more than those led by non-traumatized CEOs. Our results remain robust with controls for CEO characteristics and are validated through propensity score matching, entropy balancing, turnover analysis, and placebo tests. In addition, we find that the effects of CEO war trauma on corporate giving are more pronounced when CEOs are highly educated, powerful, and have longer career concerns and that corporate giving by firms led by war-traumatized CEOs enhances future firm value, a benefit not observed in firms led by non-traumatized CEOs. Overall, this study highlights the impact of CEOs’ post-traumatic growth on corporate policies.

查看原文本刊更多论文

首席执行官创伤后成长与企业捐赠：来自朝鲜战争的证据

本研究调查了首席执行官们的童年创伤经历，特别是6至12岁的朝鲜战争经历，是如何影响企业捐赠行为的。我们将企业慈善捐款作为“源自苦难的利他主义”的一种表现形式，发现由受过战争创伤的ceo领导的公司比没有受过战争创伤的ceo领导的公司捐赠更多。通过倾向得分匹配、熵平衡、离职分析和安慰剂测试，我们的结果在CEO特征控制下仍然是稳健的。此外，我们发现，当CEO受过高等教育、有权力、有更长的职业生涯关注时，CEO战争创伤对企业捐赠的影响更为明显，而由受过战争创伤的CEO领导的公司的企业捐赠会提高公司未来的价值，这一好处在没有受过战争创伤的CEO领导的公司中没有观察到。总的来说，这项研究强调了ceo创伤后成长对公司政策的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance