The legacy of wars around the world: ...
Document type :
Article dans une revue scientifique
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]
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
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 >
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 :
Source :
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