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

Purpose Chief 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/approach Using 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. Findings The 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/implications The 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 implications Boards and investors can incorporate CEO formative imprints into executive assessment, risk oversight and leadership-development practices while accounting for governance and institutional fit. Social implications Understanding how early-life imprints influence CSR and ESG and transparency choices can inform efforts to promote sustainable and socially responsible corporate behavior. Originality/value This 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.