does morale affect fighting capability?

[Bearhugger]

i know that units that are "fighting to the death" die much faster.
but what if 2 units of peasants clash, the one having "eager" morale and the other "wavering"? do the wavering ones die faster?
also, exhaustion: do exhausted soldiers kill enemies slower than fresh soldiers?

[Chola_Kingdom]

yes, but it depend also in luck

[Hellbent]

All I know is that "exhausted" soldiers die quicker than "fresh" ones.

I think morale only affects if it will rout, but I'm not entirely sure.

[-Ghost-]

It seems like it may affect how well they fight, but if they have low morale they're usually already on the losing side, so I'm not sure.