Strategic Leadership and ESG Performance: Evidence on Military‐Connected Boards in Thailand
研究泰国上市公司2000-2022年数据，发现军队背景董事能提升ESG评分，尤其是环境维度，且高军衔董事效果更显著，支持战略领导力与纪律决策假说。
ABSTRACT Environmental, social, and governance (ESG) performance has become an important component of firms' long‐term sustainability strategies. This study examines the influence of military‐connected board members on ESG outcomes in Thai listed firms from 2000 to 2022. We find that the presence of military‐connected board members has a positive effect on overall ESG scores, particularly on the environmental component. Economically, a one standard deviation increase in the proportion of military‐connected board members and high‐ranking military board members is associated with 7.1% and 8.2% increases in the environmental score, respectively. Our findings support strategic leadership skills, ethical standards, and disciplined decision‐making hypothesis such that boards with a high ratio of military experience personnel, especially at the general level, are associated with stronger ESG performance. We also find that ESG performance improves significantly when military‐connected boards operate under a military‐affiliated government. Although the study focuses on Thailand, the findings offer broader insights into how board composition and leadership background may influence sustainability across different geographies. Overall, the findings highlight board‐level military experience as a strategic governance resource for advancing ESG performance.