Exploring the influence of military experience directors on corporate governance: Evidence from Thai-listed companies

IF 8.3 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2024-12-03 DOI:10.1002/csr.3063

Veerawin Korphaibool, Pattanaporn Chatjuthamard, Pornsit Jiraporn, Sirimon Treepongkaruna

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Abstract

Different board of directors (BODs) characteristics influence corporate strategy and performance. Essential attributes such as gender, education, and experience determine the preferences, opinions, and decisions to prioritize the strategy, which normally focuses on profitability. In 1997, during the Asian financial crisis, the Thai government and Thai firms adopted the sufficiency economy philosophy (SEP) approach to overcome financial catastrophes. This study explores the relationship between one distinct characteristic of the BOD, directors with direct and indirect military backgrounds, and the SEP performance. To minimize endogeneity and eliminate reverse causality, we apply a two-stage least squares instrumental variable (2SLS-IV) analysis. We find evidence supporting the upper echelons theory (UET), where the characteristics of the BOD, such as military experience, determine the organizational decision to enhance SEP performance.

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.