The Past Never Fades Away: Early-Life Famine Experiences and Corporate Digital Transformation

Drawing on a sample of listed companies in China spanning the 2010–2020 period, this paper documents a significant positive association between managers’ early-life exposure to famine and the extent to which their firms pursue digital transformation. Further analysis of the underlying channels reveals that this relationship operates largely through two mechanisms: heightened managerial awareness of risk and reduced constraints on financing. The positive relationship is found to be particularly pronounced among private enterprise and those operating in highly competitive industries. Taken together, these findings contribute to a deeper understanding of what drives firms toward digital transformation, while also broadening the scope of research examining how early-life experiences of top executives influence subsequent corporate decision-making.