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

Author

Listed:
  • Jiafu An
  • Tinghua Duan

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Wenxuan Hou
  • Xianda Liu

Abstract

This study estimates the effects of wars on countries and firms. We first show immediate negative effects of wars on economic and financial development as well as legal institutions. Using a cross-country sample of 93,697 firm-year observations, we further argue and show that (i) wars increase the supply of military directors in corporate boards; and(ii) military directors reduce firm performance as measured by Tobin's Q and return on assets (ROA). We interpret these lingering effects as military directors possessing social capital but lacking business expertise. Our results are robust to a matched sample, a lagged difference model, a dynamic general method of moments model and to the control of country, industry and year fixed effects.

Suggested Citation

  • Jiafu An & Tinghua Duan & Wenxuan Hou & Xianda Liu, 2020. "The legacy of wars around the world: Evidence from military directors," Post-Print hal-02993121, HAL.
    • Handle: RePEc:hal:journl:hal-02993121
    DOI: 10.1016/j.intfin.2019.101172
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    4. Tasawar Nawaz & Roszaini Haniffa & Mohammad Hudaib, 2023. "From boots to suits: do military directors protect shareholders’ wealth?," Review of Quantitative Finance and Accounting, Springer, vol. 61(4), pages 1479-1511, November.

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