Table 7 Antecedents–decisions–outcomes...

Table 7

Antecedents–decisions–outcomes (ADO) framework of CEO early-life experiences and corporate outcomes

Antecedents (A)	Decisions (D)	Outcomes (O)
Types of CEO early-life experiences War and conflict exposure Famine, poverty, and economic hardship Natural disasters and environmental shocks Family background and birth order Military experience Exposure to institutional and historical transitions	CEO decision channels and corporate choices Risk tolerance and risk-taking behavior Investment and R&D intensity Capital structure and leverage decisions Strategic orientation (e.g. innovation, internationalization) CSR, ESG, and stakeholder-oriented initiatives Financial reporting and disclosure conservatism	Firm-level consequences Financial performance and firm value Innovation outputs and growth CSR and ESG performance Organizational resilience and stability Stock price crash risk and earnings quality International expansion and competitiveness
Underlying imprinting mechanisms Persistent risk perceptions Time horizon and long-term orientation Ethical values and prosocial motivation Discipline and decisiveness	Moderating conditions Ownership type (SOEs versus non-SOEs) Governance strength and board oversight CEO tenure and overseas experience Market competition and institutional quality	Context-dependent effects Stronger under high uncertainty Attenuated by governance constraints Amplified in emerging and transition economies

Antecedents (A)	Decisions (D)	Outcomes (O)
Types of CEO early-life experiences War and conflict exposure Famine, poverty, and economic hardship Natural disasters and environmental shocks Family background and birth order Military experience Exposure to institutional and historical transitions	CEO decision channels and corporate choices Risk tolerance and risk-taking behavior Investment and R&D intensity Capital structure and leverage decisions Strategic orientation (e.g. innovation, internationalization) CSR, ESG, and stakeholder-oriented initiatives Financial reporting and disclosure conservatism	Firm-level consequences Financial performance and firm value Innovation outputs and growth CSR and ESG performance Organizational resilience and stability Stock price crash risk and earnings quality International expansion and competitiveness
Underlying imprinting mechanisms Persistent risk perceptions Time horizon and long-term orientation Ethical values and prosocial motivation Discipline and decisiveness	Moderating conditions Ownership type (SOEs versus non-SOEs) Governance strength and board oversight CEO tenure and overseas experience Market competition and institutional quality	Context-dependent effects Stronger under high uncertainty Attenuated by governance constraints Amplified in emerging and transition economies

Note(s): The table summarizes how CEOs’ formative early-life experiences (antecedents) shape decision channels and corporate choices (decisions), which in turn lead to heterogeneous firm-level consequences (outcomes), subject to institutional and governance contingencies

Source(s): Author’s compilation

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