Military directors and stock price informativeness: What's all the fuss about?
利用新兴经济体非金融企业的独特手工数据集，研究发现拥有军人背景董事的公司股价包含了更多公司特有信息，且这一结果在多种稳健性检验下依然成立，表明军人董事可能通过加强CEO监督和改善公司治理来提升透明度。
Abstract Exploiting a unique hand-built dataset, belonging to non-financial firms, operating in an emerging economy, this study, first of its kind, reports that stock prices of firms with military-experienced board of directors reflect more firm specific information after controlling for board attributes, agent heterogeneity and firm level variation. The results robust to alternative specifications of informativeness and military director proxy support the notion that military-trained directors may enhance transparency in public listed companies and encourage the incorporation of more firm-specific information into stock prices. Further analysis suggests that military directors may enfeeble CEO–board nexus and settle the directional variations at the corporate board level: military directors bring discipline in the board room that translates into rigorous CEO monitoring and improved corporate governance quality.