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The Business Case for Hiring Military Veterans/Reservists: Stock Price Performance of Military Friendly Firms

Authors:

Micah Pollak ,

Indiana University Northwest, US
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Bala Arshanapalli,

Indiana University Northwest, US
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Charles Hobson

Indiana University Northwest, US
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Abstract

The reasons for hiring military veterans/reservists are well documented, including such factors as leadership, teamwork, and resilience. Research shows that veterans/reservists perform at higher levels, have lower turnover rates after the first job, and advance more rapidly in Federal civil service organizations. However, the impact of hiring veterans/reservists on a firm’s financial performance remains unexplored. Using GI Job’s list of “2016 Top 100 Military Friendly Firms,” we demonstrate that the 64 publicly traded “military friendly” firms on this list had a statistically significant higher return (median 7.23 percentage points and a mean 5.18 percentage points higher) than comparable firms not identified as military friendly. These findings provide compelling evidence of the financial benefits associated with employing military veterans/reservists in response to the call for more empirical research on the impact of veterans in civilian organizations. In addition to encouraging businesses to consider hiring veterans/reservists, our results may be beneficial for career counselors, human resource and development managers, and others who interact with veterans, as well as for veterans themselves.
How to Cite: Pollak, M., Arshanapalli, B. and Hobson, C., 2019. The Business Case for Hiring Military Veterans/Reservists: Stock Price Performance of Military Friendly Firms. Journal of Veterans Studies, 4(2), pp.52–63. DOI: http://doi.org/10.21061/jvs.v4i2.99
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Published on 08 Apr 2019.
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