讲座主题：The Role of Military Executives in Mitigating Financial Distress: Evidence from China

主讲嘉宾：黄子伦 博士（汕头大学）

讲座时间：2023年9月20日（星期三）15:00-17:00

讲座地点：东海岸C栋行政楼341研讨室

讲座简介：

This study investigates the relationship between executives with military backgrounds and financial distress in Chinese listed firms. Text mining techniques are used to identify military experiences from corporate resumes, and the Altman Z-score model is employed to measure financial health. This study centers on military chairmen and chief executive officers (CEOs). The findings reveal statistically significant differences between military and non-military chairmen, with military chairmen being older, having slightly higher education levels, and leading smaller firms with smaller boards and lower leverage. Regression analysis shows a strong relationship between military chairmen and improved financial health, particularly in state-owned enterprises (SOEs). Further analysis shows that SOEs led by military chairmen exhibit higher sales revenue, stronger financial positions, and better obligation fulfillment. However, the influence of military CEOs on financial health is found to be insignificant. These findings contribute to the understanding of the role of military executives in China and have implications for corporate governance and leadership selection. The study highlights the importance of executives' characteristics and their impact on financial distress.

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