Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 14, 2022 erstellt
Description:
We examine the effects of military connections on firm risk, firm performance, and corporate financial decisions. The evidence concludes that military connected firms, defined as firms with military officials on their boards, have greater risk, lower accounting performance, but higher market performance than non-military connected firms. These can be explained by networking and traits of military and are supported by higher leverage, lower dividend payouts, lower cash reserves, and lower capital expenditures of military connected firms. Moreover, the results imply the misutilization of resources