File Download

There are no files associated with this item.

  Links for fulltext
     (May Require Subscription)
Supplementary

Article: The legacy of wars around the world: Evidence from military directors

TitleThe legacy of wars around the world: Evidence from military directors
Authors
KeywordsBoard directors
Firm performance
Military directors
War
Issue Date2020
Citation
Journal of International Financial Markets, Institutions and Money, 2020, v. 64, article no. 101172 How to Cite?
AbstractThis study estimates the effects of wars on countries and firms. We first show immediate negative effects of wars on economic and financial development as well as legal institutions. Using a cross-country sample of 93,697 firm-year observations, we further argue and show that (i) wars increase the supply of military directors in corporate boards; and (ii) military directors reduce firm performance as measured by Tobin's Q and return on assets (ROA). We interpret these lingering effects as military directors possessing social capital but lacking business expertise. Our results are robust to a matched sample, a lagged difference model, a dynamic general method of moments model and to the control of country, industry and year fixed effects.
Persistent Identifierhttp://hdl.handle.net/10722/312060
ISSN
2023 Impact Factor: 5.4
2023 SCImago Journal Rankings: 1.216
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorAn, Jiafu-
dc.contributor.authorDuan, Tinghua-
dc.contributor.authorHou, Wenxuan-
dc.contributor.authorLiu, Xianda-
dc.date.accessioned2022-04-06T04:32:05Z-
dc.date.available2022-04-06T04:32:05Z-
dc.date.issued2020-
dc.identifier.citationJournal of International Financial Markets, Institutions and Money, 2020, v. 64, article no. 101172-
dc.identifier.issn1042-4431-
dc.identifier.urihttp://hdl.handle.net/10722/312060-
dc.description.abstractThis study estimates the effects of wars on countries and firms. We first show immediate negative effects of wars on economic and financial development as well as legal institutions. Using a cross-country sample of 93,697 firm-year observations, we further argue and show that (i) wars increase the supply of military directors in corporate boards; and (ii) military directors reduce firm performance as measured by Tobin's Q and return on assets (ROA). We interpret these lingering effects as military directors possessing social capital but lacking business expertise. Our results are robust to a matched sample, a lagged difference model, a dynamic general method of moments model and to the control of country, industry and year fixed effects.-
dc.languageeng-
dc.relation.ispartofJournal of International Financial Markets, Institutions and Money-
dc.subjectBoard directors-
dc.subjectFirm performance-
dc.subjectMilitary directors-
dc.subjectWar-
dc.titleThe legacy of wars around the world: Evidence from military directors-
dc.typeArticle-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.intfin.2019.101172-
dc.identifier.scopuseid_2-s2.0-85077982819-
dc.identifier.volume64-
dc.identifier.spagearticle no. 101172-
dc.identifier.epagearticle no. 101172-
dc.identifier.isiWOS:000511123800014-

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats