CEO early-life experiences and corporate outcomes: a systematic literature review using the ADO model

Manuscript code article-28274
DOI 10.1108/jts-02-2026-0013
Keywords: CEO Early-life experiences ADO framework Systematic literature review PRISMA Upper echelons theory Imprinting theory

Abstract

PurposeChief executive officers' (CEOs) early-life experiences are increasingly viewed as a micro-foundation explaining why firms facing similar constraints pursue different strategies. This review consolidates extant evidence on how CEOs’ formative imprints shape corporate decisions and outcomes.Design/methodology/approachUsing the antecedents–decisions–outcomes (ADO) framework, this systematic literature review followed the Preferred Reporting Items for Systematic reviews and Meta-Analyses procedures. A search of Web of Science covering 2000 to July 2025 identified 65 records; after screening and eligibility checks, 45 peer-reviewed articles were retained for in-depth synthesis.FindingsThe review classifies key antecedents – war and/or conflict exposure; famine, poverty and deprivation; disasters and environmental shocks; family background and birth order and military or institutional-transition imprints. These experiences are linked to managerial decision channels including risk-taking, investment and innovation, capital structure, corporate social responsibility (CSR) and environmental, social and governance (ESG) engagement and disclosure and/or reporting choices. Documented outcomes span firm performance and resilience, earnings quality, crash risk, sustainability results and internationalization. Evidence suggests competing pathways: some imprints foster caution and conservative policies, while others intensify prosocial orientation and stakeholder-facing strategies. Governance arrangements and institutional context consistently condition the strength and direction of effects.Research limitations/implicationsThe literature remains heterogeneous in measurement and identification. Future research should employ richer biographical measures, clarify boundary conditions and strengthen causal designs (e.g. quasi-experiments, validated archival proxies and triangulation across data sources).Practical implicationsBoards and investors can incorporate CEO formative imprints into executive assessment, risk oversight and leadership-development practices while accounting for governance and institutional fit.Social implicationsUnderstanding how early-life imprints influence CSR and ESG and transparency choices can inform efforts to promote sustainable and socially responsible corporate behavior.Originality/valueThis review provides an integrative ADO map of CEOs' early-life experiences and corporate outcomes and offers a targeted research agenda to advance cumulative theorizing in finance and strategic management.

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Nguyen, Lam Thanh Ho Chi Minh City University of Economics and Finance, Ho Chi Minh City, Vietnam

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Published August 9, 2026
Ngày nộp bài August 9, 2026
Ngày chỉnh sửa August 9, 2026
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DOI: 10.1108/jts-02-2026-0013

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