The legacy of wars around the world: ...
Type de document :
Compte-rendu et recension critique d'ouvrage
Titre :
The legacy of wars around the world: Evidence from military directors
Auteur(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]
Titre de la revue :
Journal of International Financial Markets, Institutions and Money
Pagination :
101172
Éditeur :
Elsevier
Date de publication :
2020-01-07
ISSN :
1042-4431
Discipline(s) HAL :
Sciences de l'Homme et Société/Gestion et management
Résumé en anglais : [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 ...
Lire la suite >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.Lire moins >
Lire la suite >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.Lire moins >
Langue :
Anglais
Vulgarisation :
Non
Collections :
Source :
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- https://researchportal.port.ac.uk/portal/files/18843314/AN_2020_cright_JIFMIM_The_legacy_of_wars_around_the_world.pdf
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- https://www.pure.ed.ac.uk/ws/files/109539256/AnEtalJIFMIM2019TheLegacyOfWars.pdf
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- https://www.pure.ed.ac.uk/ws/files/109539256/AnEtalJIFMIM2019TheLegacyOfWars.pdf
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- https://www.pure.ed.ac.uk/ws/files/109539256/AnEtalJIFMIM2019TheLegacyOfWars.pdf
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- AnEtalJIFMIM2019TheLegacyOfWars.pdf
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