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Military independent directors and merger activity

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  • Zhe Li
  • Megan Ramsey

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.

Suggested Citation

  • Zhe Li & Megan Ramsey, 2024. "Military independent directors and merger activity," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 47(4), pages 1119-1134, December.
    • Handle: RePEc:bla:jfnres:v:47:y:2024:i:4:p:1119-1134
    DOI: 10.1111/jfir.12401
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