Abstract Introduction Related Literature and Hypotheses Development Deonance Theory, Upper Echelons, and Imprinting Theory Behavioral Ethices and ESG Preformance Hypotheses Development Institutional Background on Chaebol Heads' Clemency Experience Research Methodology Measuring ESG Performance Measuring Chaebol heads' past clemency and imprisonment experience Research Model Research Sample Empirical Results Descriptive Statistics Bivariate Correlation and Univariate Analysis Multivariate Analyses Propensity Score Matching Analyses Discussion Conclusions References Table Appendix