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

An, Jiafu; Duan, Tinghua; Hou, Wenxuan; Liu, Xianda

Document type :

Article dans une revue scientifique

DOI :

10.1016/j.intfin.2019.101172

Title :

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

Author(s) :

An, Jiafu [Auteur]
Duan, Tinghua [Auteur]
Lille économie management - UMR 9221 [LEM]
Hou, Wenxuan [Auteur]
Liu, Xianda [Auteur]

Journal title :

Journal of International Financial Markets, Institutions and Money

Pages :

101172

Publisher :

Elsevier

Publication date :

2020-01-07

ISSN :

1042-4431

HAL domain(s) :

Sciences de l'Homme et Société
Sciences de l'Homme et Société/Gestion et management

English abstract : [en]

This 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 ...
Show more >This 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.Show less >

Language :

Anglais

Peer reviewed article :

Oui

Audience :

Internationale

Popular science :

Non

Collections :

Lille Économie Management (LEM) - UMR 9221

Source :

Harvested from HAL

Files

https://researchportal.port.ac.uk/portal/files/18843314/AN_2020_cright_JIFMIM_The_legacy_of_wars_around_the_world.pdf
Open access
Access the document

https://www.pure.ed.ac.uk/ws/files/109539256/AnEtalJIFMIM2019TheLegacyOfWars.pdf
Open access
Access the document

https://www.pure.ed.ac.uk/ws/files/109539256/AnEtalJIFMIM2019TheLegacyOfWars.pdf
Open access
Access the document

https://www.pure.ed.ac.uk/ws/files/109539256/AnEtalJIFMIM2019TheLegacyOfWars.pdf
Open access
Access the document

AnEtalJIFMIM2019TheLegacyOfWars.pdf
Open access
Access the document

The legacy of wars around the world: ... BibTeX CSV Excel RIS

Files

The legacy of wars around the world: ...

BibTeX

CSV

Excel

RIS