TY - JOUR
T1 - Exploring the influence of military experience directors on corporate governance
T2 - Evidence from Thai-listed companies
AU - Korphaibool, Veerawin
AU - Chatjuthamard, Pattanaporn
AU - Jiraporn, Pornsit
AU - Treepongkaruna, Sirimon
N1 - Publisher Copyright:
© 2024 ERP Environment and John Wiley & Sons Ltd.
PY - 2024
Y1 - 2024
N2 - Different board of directors (BODs) characteristics influence corporate strategy and performance. Essential attributes such as gender, education, and experience determine the preferences, opinions, and decisions to prioritize the strategy, which normally focuses on profitability. In 1997, during the Asian financial crisis, the Thai government and Thai firms adopted the sufficiency economy philosophy (SEP) approach to overcome financial catastrophes. This study explores the relationship between one distinct characteristic of the BOD, directors with direct and indirect military backgrounds, and the SEP performance. To minimize endogeneity and eliminate reverse causality, we apply a two-stage least squares instrumental variable (2SLS-IV) analysis. We find evidence supporting the upper echelons theory (UET), where the characteristics of the BOD, such as military experience, determine the organizational decision to enhance SEP performance.
AB - Different board of directors (BODs) characteristics influence corporate strategy and performance. Essential attributes such as gender, education, and experience determine the preferences, opinions, and decisions to prioritize the strategy, which normally focuses on profitability. In 1997, during the Asian financial crisis, the Thai government and Thai firms adopted the sufficiency economy philosophy (SEP) approach to overcome financial catastrophes. This study explores the relationship between one distinct characteristic of the BOD, directors with direct and indirect military backgrounds, and the SEP performance. To minimize endogeneity and eliminate reverse causality, we apply a two-stage least squares instrumental variable (2SLS-IV) analysis. We find evidence supporting the upper echelons theory (UET), where the characteristics of the BOD, such as military experience, determine the organizational decision to enhance SEP performance.
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U2 - 10.1002/csr.3063
DO - 10.1002/csr.3063
M3 - Article
AN - SCOPUS:85211166101
SN - 1535-3958
JO - Corporate Social Responsibility and Environmental Management
JF - Corporate Social Responsibility and Environmental Management
ER -