This table reports first-stage (Column 1) and second-stage (Column 2) results from two-stage least squares (2SLS) estimation on the restricted sample (1993–2011). Instruments are birth_year_ceo (CEO’s birth year) and conflict_cohort (=1 if CEO born between 1930 and 1943, 0 otherwise). The first stage predicts MILITARY_CEO; the second stage regresses SMTH on instrumented MILITARY_CEO and controls. Standard errors are clustered at the firm level. The z-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