美国国家经济研究局（NBER）最新工作论文：军人CEO

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收藏 2014-01-08

There is mounting evidence of the influence of personal characteristics of CEOs on corporate outcomes. In this paper we analyze the relation between military service of CEOs and managerial decisions, financial policies, and corporate outcomes. Exploiting exogenous variation in the propensity to serve in the military, we show that military service is associated with conservative corporate policies and ethical behavior. Military CEOs pursue lower corporate investment, are less likely to be involved in corporate fraudulent activity, and perform better during industry downturns. Taken together, our results show that military service has significant explanatory power for managerial decisions and firm outcomes.

有大量证据表明，CEO的个人特点会对公司绩效产生影响。在本文中，我们分析CEO的服役经历与其管理决策，财务政策和企业绩效之间的关系。将军中服役的倾向作为外生变量，我们看到，参军服役与保守的公司政策和道德行为相关联。军人CEO们追求的是较低的企业投资，不太可能参与企业欺诈活动，并且在工业衰退期间会有更好的表现。总之，结果表明，参军经历能够显著性地解释CEO们的管理决策和企业产出。

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