Abstract
This paper studies the impact of a CEO's prison experience on corporate risk-taking. Using a sample of Chinese private sector manufacturing firms listed on the A-shares in Shanghai and Shenzhen from 2000 to 2021, the results show that firms led by CEOs with prison experience have higher levels of risk-taking. Further analysis suggests that the marketization process moderates the positive effect of the CEO's prison experience on corporate risk-taking. Similarly, the effect is less pronounced according to the CEO's education level and political identity. This paper also finds that the effect of the CEO's prison experience on corporate risk-taking is amplified during the period of COVID-19.
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