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Military independent directors and merger activity
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NETL
NSTL
Wiley
In this article, we examine the relation between indepen- dent directors with past military service and merger activity. We find that firms with a greater proportion of independent directors with military experience complete fewer mergers, and the deals are of smaller value. Our results are robust to instrumental variable estimation. The reduction in merger and acquisition activity is concentrated in firms with weak CEOs, suggesting independent directors with military service do not improve firm agency problems.
Zhe Li、Megan Ramsey
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Department of Accounting,Finance& Business Law,University of Colorado Colorado Springs,Colorado Springs, Colorado,USA
Department of Finance,Economics,and Risk Management,Missouri State University, Springfield,Missouri,USA
NETL
NSTL
Wiley
