CEO's Military Experience, Characteristics of Military Experience and Enterprise Budget Slack

Based on the sample of Chinese A－share listed firms from 2011 to 2021，we study the influence of CEO's Military Experience on enterprise budget slack．The results show that firms with CEO of military experience have lower degree of budget slack. In the companies with the CEO who have military experience, the further research shows that the company has lower degree of budget slack with the CEO who has longer military experience, higher military rank in the army or smaller age of military service. This study supplements and expands the literature on economic consequences of CEO's military experience and influence factors of budget slack, which is of great significance to restrain budget slack of enterprise.