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KCIThis study examines the role of CEO’s pensions and deferred compensations by exploring their impacts on pricing and non-pricing contract terms of bank loans. CEO’s inside debt, defined as the sum of defined benefit pension and deferred compensati...
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RISS 인기검색어
부가정보
다국어 초록 (Multilingual Abstract)
This study examines the role of CEO’s pensions and deferred compensations by exploring their impacts on pricing and non-pricing contract terms of bank loans. CEO’s inside debt, defined as the sum of defined benefit pension and deferred compensations, pays fixed amounts at periodic intervals. We find that higher inside debt holdings significantly reduce both loan rate spreads and demands for collateral. We also find that such effects are particularly pronounced under weak external governance proxied by a degree of anti-takeover defenses. Overall, our results support the idea that debt-like incentives for CEOs increase convergence of interests between managers and creditors.
참고문헌 (Reference)
1 Jensen, M. C, "Theory Of The Firm:Managerial Behavior,Agency Costs and Ownership Structure" 3 (3): 305-360, 1976
2 Bradley, M, "The Structure and Pricing of Corporate Debt Covenants, in Unpublished working paper" Duke university 2004
3 조성호, "The Effect of Target Ownership Structure in the Wealth Gains in Owner-Manager Dominant Acquisitions: Evidence from Korean Cases" 경영대학부속경영연구소 15 (15): 39-64, 2009
4 Hak Sik Yoo, "The Effect of Divergence between Cash Flow Right and Voting Right on Audit Hour and Audit Fee per Audit Hour" 경영대학부속경영연구소 14 (14): 55-78, 2008
5 Modigliani, F, "The Cost Of Capital,Corporation Finance and The Theory Of Investment" 48 (48): 261-, 1958
6 Hak Sik Yoo, "The Association between Audit Fees and the Ownership Structure" 경영대학부속경영연구소 13 (13): 83-104, 2007
7 Berger, A. N, "Relationship Lending and Lines of Credit in Small Firm Finance" 68 (68): 351-381, 1995
8 Sundaram, R. K, "Pay Me Later:Inside Debt and Its Role in Managerial Compensation" 62 (62): 1551-1588, 2007
9 Smith, C. W, "On Financial Contracting:An Analysis of Bond Covenants" 7 (7): 117-161, 1979
10 Chava, S., "Managerial Agency and Bond Covenants" 23 (23): 1120-1148, 2010
1 Jensen, M. C, "Theory Of The Firm:Managerial Behavior,Agency Costs and Ownership Structure" 3 (3): 305-360, 1976
2 Bradley, M, "The Structure and Pricing of Corporate Debt Covenants, in Unpublished working paper" Duke university 2004
3 조성호, "The Effect of Target Ownership Structure in the Wealth Gains in Owner-Manager Dominant Acquisitions: Evidence from Korean Cases" 경영대학부속경영연구소 15 (15): 39-64, 2009
4 Hak Sik Yoo, "The Effect of Divergence between Cash Flow Right and Voting Right on Audit Hour and Audit Fee per Audit Hour" 경영대학부속경영연구소 14 (14): 55-78, 2008
5 Modigliani, F, "The Cost Of Capital,Corporation Finance and The Theory Of Investment" 48 (48): 261-, 1958
6 Hak Sik Yoo, "The Association between Audit Fees and the Ownership Structure" 경영대학부속경영연구소 13 (13): 83-104, 2007
7 Berger, A. N, "Relationship Lending and Lines of Credit in Small Firm Finance" 68 (68): 351-381, 1995
8 Sundaram, R. K, "Pay Me Later:Inside Debt and Its Role in Managerial Compensation" 62 (62): 1551-1588, 2007
9 Smith, C. W, "On Financial Contracting:An Analysis of Bond Covenants" 7 (7): 117-161, 1979
10 Chava, S., "Managerial Agency and Bond Covenants" 23 (23): 1120-1148, 2010
11 Poi, B. P., "Jackknife Instrumental Variables Estimation in Stata" 6 (6): 364-376, 2006
12 Wei, C, "Investor Reactions to CEOs’ Inside debt Incentives, in Review of Financial Studies, forthcoming" 2011
13 신재용, "Institutional Investment Horizons and CEO Compensation" 경영대학부속경영연구소 17 (17): 93-135, 2011
14 Anantharaman, D., "Inside Debt and the Design of Corporate Debt Contracts, in Unpublished working paper" Columbia university 2010
15 한중호, "Information Asymmetry, Risk Rating, and Debt Maturity: Evidence from Small Business Data" 경영대학부속경영연구소 14 (14): 47-66, 2008
16 Sufi, Amir, "Information Asymmetry and Financing Arrangements:Evidence from Syndicated Loans" 62 (62): 629-668, 2007
17 Burkart, M, "In-Kind Finance: A Theory of Trade Credit" 94 (94): 569-590, 2004
18 Bebchuk, L., "How to fix bankers’ pay" 139 : 52-60, 2010
19 Chava, S, "How Does Financing Impact Investment? The Role of Debt Covenants" 63 (63): 2085-2121, 2008
20 Almeida, H, "Financial Constraints, Asset Tangibility, and Corporate Investment" 20 (20): 1429-1460, 2007
21 Chen, F., "Executive Inside Debt Holdings and Creditors Demand for Pricing and Non-Pricing Protections, in Unpublished workding paper" University of Toronto 2010
22 Petersen, M. A., "Estimating Standard Errors in Finance Panel Data Sets:Comparing Approaches" 22 (22): 435-480, 2009
23 Faulkender, M, "Does the Source of Capital Affect Capital Structure" 19 (19): 45-79, 2006
24 한중호, "Do Tangible Assets Support Long-Term Debt? New Evidence from Unsecured Debt Financing by Small Firms" 경영대학부속경영연구소 14 (14): 3-28, 2008
25 Chava, S., "Do Shareholder Rights Affect the Cost of Bank Loans" 22 (22): 2973-3004, 2009
26 Benmelech, E., "Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation" 120 (120): 1121-1154, 2005
27 Myers, S. C., "Determinants of Corporate Borrowing" 5 (5): 147-175, 1977
28 Garleanu, N, "Design and Renegotiation of Debt Covenants" 22 (22): 749-781, 2009
29 Nini, G., "Creditor Control Rights and Firm Investment Policy" 92 (92): 400-420, 2009
30 Graham, J. R., "Corporate Misreporting and Bank Loan Contracting" 89 (89): 44-61, 2008
31 Gompers, P., "Corporate Governance and Equity Prices" 118 (118): 107-156, 2003
32 Besanko, D, "Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets" 28 (28): 671-689, 1987
33 Dewatripont, M., "A Theory of Debt and Equity:Diversity of Securities and Manager-shareholder Congruence" 109 : 1027-1054, 1994
34 Stock, J. H., "A Survey of Weak Instruments and Weak Identification in Generalized Method of Moments" 20 (20): 518-529, 2002
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분석정보
인용정보 인용지수 설명보기
학술지 이력
| 연월일 | 이력구분 | 이력상세 | 등재구분 |
|---|---|---|---|
| 2023 | 평가예정 | 재인증평가 신청대상 (재인증) | |
| 2020-01-01 | 평가 | 등재학술지 선정 (재인증) |  |
| 2019-12-01 | 평가 | 등재후보로 하락 (계속평가) |  |
| 2016-01-01 | 평가 | 등재학술지 유지 (계속평가) | |
| 2014-06-16 | 학회명변경 | 한글명 : 경영대학부속경영연구소 -> 경영연구소영문명 : The Institute of management Research, College of Business Administration SNU -> The Institute of management Research, SNU | |
| 2012-01-01 | 평가 | 등재 1차 FAIL (등재유지) | |
| 2009-01-01 | 평가 | 등재학술지 선정 (등재후보2차) | |
| 2008-01-01 | 평가 | 등재후보 1차 PASS (등재후보1차) | |
| 2006-01-01 | 평가 | 등재후보학술지 선정 (신규평가) | |
학술지 인용정보
| 기준연도 | WOS-KCI 통합IF(2년) | KCIF(2년) | KCIF(3년) |
|---|---|---|---|
| 2016 | 0.13 | 0.13 | 0.08 |
| KCIF(4년) | KCIF(5년) | 중심성지수(3년) | 즉시성지수 |
| 0.06 | 0.06 | 0.716 | 0 |
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