Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/158662
|
| Title: | 本地CEO與聯貸條件之關聯性
Local CEOs and Syndicated Loans |
| Authors: | 簡成叡
Chien, Cheng-Jui |
| Contributors: | 俞京和
Yu, Kyunghwa
簡成叡
Chien, Cheng-Jui |
| Keywords: | 本地CEO
代理理論
地方依附
聯合貸款
Local CEO
Agency theory
Place attachment
Syndicated loan |
| Date: | 2025 |
| Issue Date: | 2025-08-04 14:52:06 (UTC+8) |
| Abstract: | 本研究探討CEO本地性對聯合貸款條件的影響。透過1992年至2019年美國聯合貸款資料及手動蒐集之CEO地緣資訊，研究結果顯示：由本地CEO領導的企業雖面臨較高的貸款利差，但在非價格條件方面（如貸款金額更大、期限更長、較少擔保要求）則享有更優惠的條件。這些結果與理論預測一致，即CEO的地理連結可能使貸款人擔憂其偏袒地方利益或傾向裙帶關係，進而要求更高的風險溢價；然而，本地CEO也可能因對企業所在地的熟悉與情感連結展現更高的信任與長期經營承諾，使得貸款人在其他契約保障上有所放寬。進一步分析發現，當CEO的激勵機制與股東利益高度一致時，本地CEO的貸款利差顯著下降。此結果顯示，在內部治理機制強健的情況下，本地CEO被貸款人視為更致力於提升公司長期價值，進而緩解代理問題，並改善整體貸款條件。
This study investigates the effect of CEO locality on syndicated loan contracting terms. Utilizing U.S. syndicated loan data and hand-collected CEO locality information from 1992 to 2019, I find that firms led by local CEOs are associated with higher loan spreads but more favorable non-pricing terms, including larger loan amounts, longer maturities, and a lower likelihood of requiring collateral. These results are consistent with the theoretical prediction that while CEO geographic embeddedness may initially raise lender concerns about potential favoritism or parochial behavior—reflected in higher risk premiums—local CEOs can also foster stronger trust and long-term orientation, leading lenders to relax other contractual protections. Furthermore, I find that when CEO incentives are more closely aligned with shareholder interests, the loan spread for local CEOs decreases significantly. This suggests that local CEOs, when supported by strong internal governance mechanisms, are perceived by lenders as more committed to long-term firm value, thereby mitigating agency concerns and improving overall loan terms. |
| Reference: | Bick, P., & Flugum, R. (2022). Money isn't everything: Compensation of locally educated executives. Journal of Corporate Finance, 74. https://doi.org/10.1016/j.jcorpfin.2022.102212
Buenting, C. (2022). The effect of a CEO’s education on firm performance and share performance after acquisitions Erasmus University Rotterdam].
Chen, J., Zhao, D., Liu, X., Xu, C., & Liu, L. (2022). Home Sweet Home: Do Local CEOs Curb Stock Price Crash Risk? Finance Research Letters, 50. https://doi.org/10.1016/j.frl.2022.103314
Cole, R. A. (1998). The importance of relationships to the availability of credit. Journal of Banking & Finance, 22, 959-977.
Custódio, C., & Metzger, D. (2014). Financial expert CEOs: CEO׳s work experience and firm׳s financial policies. Journal of Financial Economics, 114(1), 125-154. https://doi.org/10.1016/j.jfineco.2014.06.002
Dennis, S. A., & Mullineaux, D. J. (2000). Syndicated Loans. Journal of Financial Intermediation, 9(4), 404-426. https://doi.org/10.1006/jfin.2000.0298
Diamond, D. (1993). Seniority and maturity of debt contracts. Journal of Financial Economics, 33, 341-368.
Ding, W., Guan, W., Ke, Y., Olsen, K. J., & Shi, Z. (2024). Local CEOs and asymmetric cost behaviour. Accounting & Finance, 65(1), 487-519. https://doi.org/10.1111/acfi.13337
Francis, B., Hasan, I., Koetter, M., & Wu, Q. (2012). Corporate Boards and Bank Loan Contracting. Journal of Financial Research, 35(4), 521-552. https://doi.org/10.1111/j.1475-6803.2012.01327.x
Hambrick, D., & Mason, P. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9(2), 193-206.
Holmstrom, B., & Tirole, J. (1997). FINANCIAL INTERMEDIATION, LOANABLE FUNDS, AND THE REAL SECTOR. THE QUARTERLY JOURNAL OF ECONOMICS, 112(3), 663-690.
Houston, J. F., Itzkowitz, J., & Naranjo, A. (2017). Borrowing beyond borders: Foreign assets, lender choice, and loan pricing in the syndicated bank loan market. Journal of Corporate Finance, 42, 315-334. https://doi.org/10.1016/j.jcorpfin.2016.12.002
Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319. https://doi.org/10.1016/j.jfineco.2008.06.003
Jensen, M. C., & Meckling, W. H. (1976). THEORY OF THE FIRM: MANAGERIAL BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE. Journal of Financial Economics, 3, 305-360.
Lai, S., Li, Z., & Yang, Y. G. (2020). East, West, Home's Best: Do Local CEOs Behave Less Myopically? The Accounting Review, 95(2), 227-255. https://doi.org/10.2308/accr-52555
Landier, A., Nair, V. B., & Wulf, J. (2009). Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion. Review of Financial Studies, 22(3), 1119-1148. https://doi.org/10.1093/rfs/hhm042
Lee, S. W., & Mullineaux, D. J. (2004). Monitoring, Financial Distress, and the Structure of Commercial Lending Syndicates. Financial Management, 33(3), 107-130.
Liu, X., Zhong, W., & Chen, J. (2023). Stay home, stay safe: CEO hometown identity and default risk. Finance Research Letters, 57. https://doi.org/10.1016/j.frl.2023.104191
Lv, J., Zhang, S., & Zhang, S. (2022). Hometown sentiment: CEO hometown identity and company audit fees. Managerial Auditing Journal, 37(8), 993-1016. https://doi.org/10.1108/maj-01-2022-3431
Mackey, A. (2008). The effect of CEOs on firm performance. Strategic Management Journal, 29(12), 1357-1367. https://doi.org/10.1002/smj.708
Ren, S., Cheng, Y., Hu, Y., & Yin, C. (2021). Feeling right at home: Hometown CEOs and firm innovation. Journal of Corporate Finance, 66. https://doi.org/10.1016/j.jcorpfin.2020.101815
Ren, S., Sun, H., & Tang, Y. (2022). CEO's Hometown Identity and Corporate Social Responsibility. Journal of Management, 49(7), 2455-2489. https://doi.org/10.1177/01492063221104988
Scannell, L., & Gifford, R. (2010). Defining place attachment: A tripartite organizing framework. Journal of Environmental Psychology, 30(1), 1-10. https://doi.org/10.1016/j.jenvp.2009.09.006
Shen, Y., Gao, D., Bu, D., Yan, L., & Chen, P. (2019). CEO hometown ties and tax avoidance‐evidence from China's listed firms. Accounting & Finance, 58(5), 1549-1580. https://doi.org/10.1111/acfi.12442
Sufi, A. (2007). Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. The Journal of Finance, 62(2), 629-668. https://doi.org/10.1111/j.1540-6261.2007.01219.x
Tong, Y., Tian, Y., & Cao, Z. (2023). No place like home: Do local CEOs invest in labor more efficiently? Corporate Governance: An International Review, 32(3), 522-548. https://doi.org/10.1111/corg.12553
Vu, T., Do, V., & Skully, M. (2015). Local versus foreign banks: A home market advantage in loan syndications. International Review of Financial Analysis, 37, 29-39. https://doi.org/10.1016/j.irfa.2014.11.002
Xu, Q., Deng, L., Li, S., & Huang, W. (2021). Do hometown connections affect corporate governance? Evidence from Chinese Listed Companies. International Review of Economics & Finance, 73, 290-302. https://doi.org/10.1016/j.iref.2020.12.035
Yi, L., & Jiang, Y. (2024). Do hometown CEOs treat their employees better? Evidence from China. Accounting & Finance, 64(3), 2991-3012. https://doi.org/10.1111/acfi.13243
Yonker, S. E. (2017a). Do Managers Give Hometown Labor an Edge? The Review of Financial Studies, 30(10), 3581-3604. https://doi.org/10.1093/rfs/hhx030
Yonker, S. E. (2017b). Geography and the Market for CEOs. Management Science, 63(3), 609-630. https://doi.org/10.1287/mnsc.2015.2319
Zhang, Y., & Rajagopalan, N. (2009). Once an outsider, always an outsider? CEO origin, strategic change, and firm performance. Strategic Management Journal, 31(3), 334-346. https://doi.org/10.1002/smj.812 |
| Description: | 碩士
國立政治大學
會計學系
112353028 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112353028 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| 302801.pdf | | 1478Kb | Adobe PDF | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
