Leadership beyond the battlefield: How military‐experienced senior executives influence analyst coverage, forecast accuracy, and dispersion

This study examines how military‐experienced senior executives shape analysts' information environment and forecasting outcomes. Using U.S.‐listed firms from 2000 to 2020, we find that firms led by ex‐military executives attract greater analyst coverage, exhibit lower forecast inaccuracy, and experience lower forecast dispersion. Channel analyses indicate that these associations operate through stronger financial disclosure assurance and richer non‐financial information environments, reflected in fewer restatements, more independent internal audit reporting, stakeholder‐oriented disclosure, external CSR assurance, eco‐innovation, and renewable technologies. These effects are more pronounced when institutional ownership is low or internal governance is weak, underscoring the governance and informational relevance of military‐experienced executives for capital markets.