Abstract
ABSTRACT Using Chinese A-share listed manufacturing firms from 2008 to 2018, we examine the effect of CEOs’ military experience on firms’ cost stickiness. We find that firms with military CEOs have higher cost stickiness than those without military CEOs. The results are more pronounced for firms with high social responsibility (in SOEs and firms with better corporate social responsibility performance and higher labor intensity) and weak corporate governance (in firms with CEO duality, less independent directors, no director shareholding and no Big Four auditor). Our research extends the understanding of military CEOs’ influence on firms and sheds light on how CEOs’ characteristics affect cost stickiness.
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