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Military Directors, Governance and Firm Behavior

We build a large dataset of board of directors with military experience and document a substantial and persistent presence of independent military directors serving on corporate boards. We find that firms with independent military directors are associated with better monitoring outcomes, including less excessive CEO compensation, greater forced CEO turnover–performance sensitivity, and less earnings management.

01. December 2021

Authors Chen Cai Iftekhar Hasan Yinjie (Victor) Shen Shuai Wang

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Professor Iftekhar Hasan, PhD
Professor Iftekhar Hasan, PhD
Economist

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