Military CEOs

被引：528

作者：

Benmelech, Efraim ^{[1
,2
]}

Frydman, Carola ^{[2
,3
]}

机构：

[1] Northwestern Univ, Kellogg Sch Management, Evanston, IL 60208 USA

[2] NBER, Cambridge, MA 02138 USA

[3] Boston Univ, Boston, MA 02215 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2015年 / 117卷 / 01期

基金：

美国国家科学基金会;

关键词：

CEOs; Fraud; Military; Ethics; Corporate Governance; WORLD-WAR-II; DRAFT LOTTERY; LEADERSHIP; FIRM; INVESTMENT; VETERANS; COLLEGE; SERVICE; HEALTH; IMPACT;

D O I：

10.1016/j.jfineco.2014.04.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

There is mounting evidence of the influence of personal characteristics of chief executive officers (CEOs) on corporate outcomes. In this paper we analyze the relation between military service of CEOs and managerial decisions, financial policies, and corporate outcomes. Exploiting exogenous variation in the propensity to serve in the military, we show that military service is associated with conservative corporate policies and ethical behavior. Military CEOs pursue lower corporate investment, are less likely to be involved in corporate fraudulent activity, and perform better during industry downturns. Taken together, our results show that military service has significant explanatory power for managerial decisions and firm outcomes. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：43 / 59

页数：17

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