Military CEOs

Benmelech, Efraim; Frydman, Carola

doi:10.3386/w19782

Cited by 152 publications

(240 citation statements)

References 29 publications

Supporting

Mentioning

223

Contrasting

Unclassified

Order By: Relevance

“…They live in smaller houses, spend less on housing purchase, and buy more insurance and pension even after three to four decades. These findings are consistent with the literature that individuals experiencing economic recession tend to spend less on durable goods (Romer, 1990;Crafts & Fearon, 2010), and have a lower willingness to take financial risk (Malmendier & Nagel, 2011;Schoar & Zuo, 2013;Benmelech & Frydman, 2014).…”

Section: Introductionsupporting

confidence: 91%

“…Similar evidence is revealed among studies on the median-or long-term effects of military service or wars. Benmelech & Frydman (2014) study the behaviour of CEOs with military experience, and find that they are associated with conservative corporate policies and ethical behaviour. Blattman (2009) and Bellows & Miguel (2009) indicate that war violence changes individuals' political attitudes.…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Does Adversity Affect Long-Term Consumption and Financial Behaviour? Evidence from China's Rustication Programme

Fan¹

2017

24th Annual European Real Estate Society Conference

View full text Add to dashboard Cite

In this paper I examine the long-term consequences of adversity on consumption and financial behaviour, using the largest forced migration experiment in history. From 1966 to 1978, 17 million urban youths in China, mostly junior or senior high school graduates, were sent to the countryside to do farm work for an average of three to four years under a rustication policy. Using data from the mini-census in 2005, I find that the rusticated generation behaves more conservatively than the non-rusticated generations over the long term, as they consume less housing and purchase more insurance and pension. In addition to the cross-generational influence, I investigate the intragenerational effects of rustication with data from the Chinese Household Income Project and the Chinese Twins Survey in 2002. A similar conservative behavioural pattern is revealed. Individuals with rustication experience spend less on housing, accumulate more saving and insurance, and invest less in risky assets, compared to their age-eligible but non-rusticated peers. Applying a habit-forming model, I suggest that one interpretation for the conservative behaviour lies in the habits formed during adversity. The results shed light on how a policy, especially in the early stage of life, influences one generation over the long term.

show abstract

Section: Introductionsupporting

confidence: 91%

Section: Introductionmentioning

confidence: 99%

Does Adversity Affect Long-Term Consumption and Financial Behaviour? Evidence from China's Rustication Programme

Fan¹

2017

24th Annual European Real Estate Society Conference

View full text Add to dashboard Cite

show abstract

“…Strategic management and organization theorists have often depicted risk as volatility of financial performance. A common proxy is the standard deviation of ROA and Tobin'q [12,19]. The standard deviation is chosen because it or its square, the variance, are standard ex post measures of risk.…”

Section: Prior Literature Corporate Risk-taking Measurementmentioning

confidence: 99%

“…For example, CEOs who experienced the reform and open-up in early adulthood tend to have higher likelihood of risk taking and more risk preference than CEOs who were grow-up in central planning era experienced economic recessions. The personal experience is including the events managers have experienced, such as educational and career background [42]; military background [12]; marital status [43][44][45]; early-life disasters [46]. The literature is somehow for a deficiency of systematic and comprehensive.…”

Section: Physical Characteristics and Risk-takingmentioning

confidence: 99%

“…Corporate risk taking has previously been examined in terms of performance feedback [2], slack [3,4], top management incentive systems [5][6][7][8], and environmental factors [9]. More recently, scholars begin to shift their attention to the effect of the innate attributes of managers on their risk-taking incentives, such as sensation seeking, overconfidence, education, military background, depression-era life experiences, religious belief, and political affiliations [10][11][12][13][14][15]. In this paper, we classify the CEO characteristics into two basic aspects: the physical and the psychological.…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Management Characteristics and Corporate Risk-taking: An Overall Review

Su¹,

Li²,

Wang³

2017

dteees

View full text Add to dashboard Cite

Abstract. We review the literature on the relationships between management characteristics and corporate risk-taking over the period 1985~2015 and find that the two types of management characteristics: the physical characteristics and the psychological ones lead to different risk-taking behavior and firm outcomes. Generally, the physical traits have impact on taking risk by psychological bias and the psychological traits affect risk-taking behavior directly. We also find that the researchers always use the traits of CEO or top management as the proxies to explain management behaviors.

show abstract

Social determinants of sustainability: The imprinting effect of social class background on corporate environmental responsibility

Niu

Zhou

Pei

2020

Corp Soc Responsibility Env

View full text Add to dashboard Cite

Using a large sample of 10,668 small-and medium-sized private Chinese enterprises over the 2006-2014 period, this study investigates the effect of the social class background of entrepreneurs on firm corporate environmental responsibility (CER) activities. The research question is developed using the concepts of imprinting theory. We measure the social class background of entrepreneurs as the level of occupational prestige held by the individual prior to starting a business. Results show that entrepreneurs drawn from the upper and lower social classes show a preference for the pursuit of environmental governance investment strategies. Moderating influences based on political capital and institutional environment are also explored. The theory and findings highlight that the social class background of entrepreneurs has a lasting and varying impact on the CER activities of a firm. The results are robust to a variety of sensitivity tests. The study extends our understanding of how and why enterprise CER behaviour varies, particularly in the context of Chinese private firms, and offers important implications for the task of sustainable development by enterprises.

show abstract

Military CEOs

Cited by 152 publications

References 29 publications

Does Adversity Affect Long-Term Consumption and Financial Behaviour? Evidence from China's Rustication Programme

Does Adversity Affect Long-Term Consumption and Financial Behaviour? Evidence from China's Rustication Programme

Management Characteristics and Corporate Risk-taking: An Overall Review

Social determinants of sustainability: The imprinting effect of social class background on corporate environmental responsibility

Contact Info

Product

Resources

About