Military independent directors and merger activity
研究发现，拥有更多军人背景独立董事的公司完成的并购数量更少、交易金额更小，且这种效应在CEO较弱的公司中更明显，表明军人独立董事并未改善公司代理问题。
Abstract In this article, we examine the relation between independent directors with past military service and merger activity. We find that firms with a greater proportion of independent directors with military experience complete fewer mergers, and the deals are of smaller value. Our results are robust to instrumental variable estimation. The reduction in merger and acquisition activity is concentrated in firms with weak CEOs, suggesting independent directors with military service do not improve firm agency problems.