The legacy of wars around the world: Evidence from military directors

An, Jiafu; Duan, Tinghua; Hou, Wenxuan; Liu, Xianda

doi:10.1016/j.intfin.2019.101172

Cited by 11 publications

(12 citation statements)

References 101 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Female directors need to be appointed based on their prior job experience, skill, and knowledge in the financial and managerial departments of the firm and have female colleagues. Moreover, firms should focus on advancing technology or utilizing talent and entrepreneurship to gain a competitive advantage (An et al, 2020). However, it is still too early to conclude whether female dominance on the board can still produce good performance because data distribution is minimal for the dominance and balanced categories.…”

Section: Discussionmentioning

confidence: 99%

Do females on boards enhance firm performance? evidence from Indonesia manufacturing firm

Natalia,

Isnalita

2023

CyA

View full text Add to dashboard Cite

The impact of female directors on firm performance needs to be more consistent in the previously conducted empirical studies, which may be due to the endogeneity problem or specific characteristics (i.e., governance, industry, competition). Financial performance is the primary concern of investors. Supervising various types of ownership and boards is a concern in good corporate governance. This study examines the relationship between board sex diversity (in commissioner and director) on financial performance. Data were collected from manufacturing companies listed on the Indonesia Stock Exchange. We analyzed the collected data using ordinary least squares with heteroskedasticity-robust standard errors to obtain unbiased standard errors of OLS coefficients under heteroscedasticity and quantile regression. This study found that only female director has a significant relationship with financial performance. These results have been tested for robustness before and during the COVID-19 pandemic. As there has been limited specific research using quantile regression about the female Board of the manufacturing industry during the COVID pandemic in Asia and may be helpful after this period (endemic and routine period), the study is considered to contribute to academic research and practice in Asian business.

show abstract

Section: Discussionmentioning

confidence: 99%

Do females on boards enhance firm performance? evidence from Indonesia manufacturing firm

Natalia,

Isnalita

2023

CyA

View full text Add to dashboard Cite

show abstract

“…Lin et al (2021) and Cai et al (2021) claim that military training leaves a lasting impression on morals and ethics. An et al (2020) contend that military experience can help business growth due to their ability to apply a higher level of integrity and monitoring encouragement. Li and Rainville (2021) propose that CEOs with military experience tend to make more prudent financial decisions.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

“…(2021) claim that military training leaves a lasting impression on morals and ethics. An et al . (2020) contend that military experience can help business growth due to their ability to apply a higher level of integrity and monitoring encouragement.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Military directors and audit fees

Harymawan

Wardani

Nowland

2023

JAEE

View full text Add to dashboard Cite

PurposeThis study investigates the relationship between companies with military directors and audit fees in Indonesia.Design/methodology/approachUsing upper echelon and audit pricing theories, the authors examine military directors' roles in the demand for and supply of auditing services. The authors use Indonesia as their research setting as their military forces have a long history of involvement in business. The study sample includes 898 firm-year observations on the Indonesia Stock Exchange during 2014–2018.FindingsThe authors find a negative relationship between military connections and audit fees. This is consistent with auditors assessing lower audit risk and charging lower audit fees to companies that have leaders with military experience. The study findings are strongest where there is military experience on the board of directors and where the military experience is from the Army.Originality/valueThis study extends the literature on the benefits of military experience in company leadership, especially in the context of auditing research. The study findings also have implications for the selection of board candidates and auditor risk assessments.

show abstract

“…Shareholders and management play pivotal roles in making internal decisions within enterprises, with their characteristics influencing behavioral choices that subsequently affect efficiency at both enterprise and socio-economic levels. An et al [ 7 ] conducted a transnational study involving 93,697 companies to examine the effects of war on countries and corporations. The findings revealed an increase in directors with military backgrounds on corporate boards in war or later; however, these directors were associated with diminished corporate performance measured by Tobin’s Q and return on assets (ROA).…”

Section: Introductionmentioning

confidence: 99%

Foreign shareholder, overseas sale and corporate profit margin

Wen

2024

PLoS ONE

View full text Add to dashboard Cite

China is actively promoting the development of a robust trading nation. In this context, utilizing data from China’s A-share listed companies spanning from 2003 to 2021, this study investigates the impact of foreign shareholders on enterprises in a scenario where overseas sales reduce the profit margin of Chinese firms. The findings reveal that overseas sales do indeed decrease the profit margin of Chinese enterprises; however, foreign shareholders mitigate this negative effect and various robustness tests support this conclusion. Mechanism analysis confirms that foreign shareholders primarily enhance enterprise productivity through improved production technology spillover effects, thereby alleviating the adverse impact of overseas sales on Chinese firms’ profit margins. Heterogeneity analysis demonstrates that both longer holding periods for foreign shareholders and multiple foreign shareholders significantly alleviate the negative influence of overseas sales on Chinese firms’ profit margins. Moreover, there is significant heterogeneity in how foreign shareholders alleviate these detrimental consequences based on property rights nature, institutional environment, overseas related party transactions and subsidiaries, as well as industry attributes. These findings have important reference value for China’s efforts towards becoming a strong trading nation and can contribute to enhancing trade capacity in other countries.

show abstract

The legacy of wars around the world: Evidence from military directors

Cited by 11 publications

References 101 publications

Do females on boards enhance firm performance? evidence from Indonesia manufacturing firm

Do females on boards enhance firm performance? evidence from Indonesia manufacturing firm

Military directors and audit fees

Foreign shareholder, overseas sale and corporate profit margin

Contact Info

Product

Resources

About