军事独立董事和兼并活动

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2024-04-26 DOI:10.1111/jfir.12401

Zhe Li, Megan Ramsey

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引用次数: 0

摘要

在本文中，我们研究了曾在军队服役的独立董事与兼并活动之间的关系。我们发现，具有从军经历的独立董事比例越高的公司完成的兼并越少，交易的价值也越小。我们的结果对工具变量估计是稳健的。并购活动的减少主要集中在首席执行官较弱的公司，这表明有服兵役经历的独立董事并不能改善公司的代理问题。

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Military independent directors and merger activity

In this article, we examine the relation between independent 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.

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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.