政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/142008

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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/142008

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/142008

Title:	Board Corruption and Loan Contracts
Authors:	黃嘉威 Huang, Chia-Wei Robin;Lin, Chih-Yung
Contributors:	財管系
Keywords:	agency problem;bank loan spread;board corruption;corporate governance;financing cost
Date:	2022-03
Issue Date:	2022-09-21 11:08:49 (UTC+8)
Abstract:	In this study, we examine the effects of board corruption on the financing costs of firms. We construct an index of perceived corruption that uses the average level of corruption that is linked to a director`s surname. The evidence shows that lending banks attach higher spreads and stricter covenants to the loan contracts of firms with high perceived board corruption. Specifically, when the perceived board corruption increases after mergers and acquisitions, firms are charged higher loan spreads. Further analysis shows that the effects of board corruption on financing costs become stronger when firms have weak governance mechanisms. These results show that banks recognize board corruption as a source of agency problem with borrowers when they make lending decisions.
Relation:	Journal of Business Finance & Accounting, Vol.49, No.9-10, pp.1929-1956
Data Type:	article
DOI 連結:	https://doi.org/10.1111/jbfa.12604
DOI:	10.1111/jbfa.12604
Appears in Collections:	[財務管理學系] 期刊論文

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