شواهدی از سوی مدیران نظامی در مورد میراث جنگها در سراسر جهان
ترجمه نشده

شواهدی از سوی مدیران نظامی در مورد میراث جنگها در سراسر جهان

عنوان فارسی مقاله: میراث جنگها در سراسر جهان: شواهدی از سوی مدیران نظامی
عنوان انگلیسی مقاله: The legacy of wars around the world: Evidence from military directors
مجله/کنفرانس: مجله بازارهای مالی بین المللی، موسسات و پول - Journal Of International Financial Markets, Institutions & Money
رشته های تحصیلی مرتبط: علوم سیاسی، حقوق
گرایش های تحصیلی مرتبط: حقوق عمومی، مطالعات منطقه ای
کلمات کلیدی فارسی: جنگ، مدیران نظامی، مدیران هیئت مدیره، عملکرد شرکت
کلمات کلیدی انگلیسی: War، Military directors، Board directors، Firm performance
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus - Master Journals List - JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.intfin.2019.101172
دانشگاه: The University of Edinburgh Business School, 29 Buccleuch Place, Edinburgh EH8 9JS, UK
صفحات مقاله انگلیسی: 26
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2020
ایمپکت فاکتور: 1/993 در سال 2019
شاخص H_index: 45 در سال 2020
شاخص SJR: 0/956 در سال 2019
شناسه ISSN: 1042-4431
شاخص Quartile (چارک): Q1 در سال 2019
فرمت مقاله انگلیسی: PDF
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
آیا این مقاله مدل مفهومی دارد: دارد
آیا این مقاله پرسشنامه دارد: ندارد
آیا این مقاله متغیر دارد: دارد
کد محصول: E14423
رفرنس: دارای رفرنس در داخل متن و انتهای مقاله
فهرست مطالب (انگلیسی)

Abstract

1- Introduction

2- Consequences of warfare

3- Data and methodology

4- War and country-level outcomes

5- Military directors and firm performance

6- Robustness checks

7- Military directors and firm leverage

8- Conclusion and future research

References

بخشی از مقاله (انگلیسی)

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.

Introduction

War brings destruction to society and is often described as ‘‘development in reverse” (Collier et al., 2003). A large crosscountry literature shows that war-torn regions suffer from a substantial decline in total output, experience slower economic development, and have less persistent growth rates compared to similar but peaceful regions (Barro, 1991; Alesina et al., 1996; Alesina and Perotti, 1996). While this literature has been enormously influential, it has not yet been able to isolate a clear channel through which war influences economic performance. This paper links war to firm economic performance through directors with military experience. In doing so, we attempt to take a step further in understanding the relationship between, and the mechanism linking, war and its economic consequences. Understanding how war influences economic development is crucial, because nearly half of all countries in the world have suffered from either external or internal armed conflict in the past few decades (Gleditsch et al., 2002; Harbom and Wallensteen, 2007; Blattman and Miguel, 2010). People living in war-affected places may be killed, traumatized, or separated from their families. They may also be displaced, prevented from attaining education, and excluded from skilled work. A vibrant stream of research documents the negative effects of war on later-life income, health, and education.