Abstract
This paper studies the impact of CEO's childhood famine experience on corporate maturity mismatch. We find that such experience significantly exacerbates maturity mismatch, which is attributed to CEO's overconfidence and rising risk appetite caused by the Great Famine. Subsequent analysis provides the evidence of active mismatches by famine CEOs, and reveals that this proactive behavior results in a reduction in investment efficiency. Furthermore, we reveal that both internal control and institutional shareholding significantly restrain maturity mismatch caused by the famine experience, while oversight from insurance institutions instead amplifies the maturity mismatch issue.
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