Military CEOs

  title={Military CEOs},
  author={Efraim Benmelech and Carola Frydman},
  • Efraim Benmelech, Carola Frydman
  • Published 2009
There is mounting evidence of the influence of personal characteristics of chief executive officers (CEOs) on corporate outcomes. In this paper we analyze the relation between military service of CEOs and managerial decisions, financial policies, and corporate outcomes. Exploiting exogenous variation in the propensity to serve in the military, we show that military service is associated with conservative corporate policies and ethical behavior. Military CEOs pursue lower corporate investment… CONTINUE READING
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