Chief executives with military experience perform better under pressure and are much less likely to commit corporate fraud. While studying the factors affecting corporate governance, Carola Frydman discovered an intriguing trend: corporate CEOs with military experience are steadily vanishing from the industry landscape. Among large, publicly held firms, the proportion of CEOs with military service in their background has decreased by an order of magnitude since 1980—from 59% to only 6.2%. Frydman, a visiting associate professor of finance at the Kellogg School (on leave from Boston University), along with Efraim Benmelech, an associate professor of finance at the Kellogg School, were already researching individual leadership personalities.
Do Former Soldiers Make Better CEOs?
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