The effect of ex-military CEOs on income smoothing
| Variables | (1) SMTHt,t + 4 | (2) SMTHt,t + 4 |
|---|---|---|
| MILITARY_CEO | 0.729*** (4.154) | 0.586*** (4.657) |
| MA_SCORE | 0.051*** (2.723) | |
| FIRM_SIZE | −0.034*** (−3.935) | −0.030*** (−3.411) |
| LEV | −0.024 (−0.630) | −0.011 (−0.278) |
| BM | −0.047*** (−4.823) | −0.048*** (−4.797) |
| SALE_VOL | −0.135*** (−3.677) | −0.146*** (−3.922) |
| LOSS_PCT | −0.212*** (−9.187) | −0.218*** (−9.388) |
| OP_CYCLE | −0.012 (−0.787) | −0.017 (−1.114) |
| SALES_GROWTH | −0.028* (−1.917) | −0.043*** (−2.712) |
| OP_LEV | 0.014 (0.238) | 0.005 (0.088) |
| AVG_CFO | 0.354*** (6.086) | 0.293*** (4.827) |
| Constant | 0.276*** (3.665) | 0.219*** (2.782) |
| Observations | 34,357 | 34,357 |
| Firm FEs and year FEs | YES | YES |
| Type | OLS | OLS |
| Adj. R-squared | 0.420 | 0.424 |
| Variables | (1) SMTHt,t + 4 | (2) SMTHt,t + 4 |
|---|---|---|
| MILITARY_CEO | 0.729 | 0.586 |
| MA_SCORE | 0.051 | |
| FIRM_SIZE | −0.034 | −0.030 |
| −0.024 (−0.630) | −0.011 (−0.278) | |
| −0.047 | −0.048 | |
| SALE_VOL | −0.135 | −0.146 |
| LOSS_PCT | −0.212 | −0.218 |
| OP_CYCLE | −0.012 (−0.787) | −0.017 (−1.114) |
| SALES_GROWTH | −0.028 | −0.043 |
| OP_LEV | 0.014 (0.238) | 0.005 (0.088) |
| AVG_CFO | 0.354 | 0.293 |
| Constant | 0.276 | 0.219 |
| Observations | 34,357 | 34,357 |
| Firm FEs and year FEs | ||
| Type | ||
| Adj. | 0.420 | 0.424 |
This table reports the results from the model that examines the relationship between CEO’s military experience and income smoothing. Standard errors are clustered at the firm level. The t-statistics are reported in parentheses below. ***, ** and * denote two-tailed significance at the 0.01, 0.05, and 0.10 levels, respectively. All variables are defined in Appendix 1
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