內部債務與下行風險：基於 CEO、公司特徵與外部環境的研究

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吳聿晴(Yu-Ching Wu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

內部債務與下行風險：基於 CEO、公司特徵與外部環境的研究
(CEO Inside Debt and Downside Risk: Evidence in CEOs’, Firms’ Characteristics, and Outside Environment)

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至系統瀏覽論文 (2028-1-31以後開放)

摘要(中)

本研究探討CEO持有的內部債務是否與下行風險相關，並研究內部（CEO 、公司特徵）和外部（產業競爭和總體經濟不確定性）因素對類債務薪酬的CEO內部債務與企業下行風險關係的影響。使用2006年至2019年的美國數據，我們發現持有更多內部債務的 CEO 可以降低更多的下行風險。然而，內部債務持有對下行風險的負向影響在年輕或男性CEO管理的公司中被抵消，而CEO持有的內部債務降低公司下行風險的能力於被過度自信CEO經營的公司中更具效果。此外，降低下行風險的效果也凸顯於品質更好的公司（更高的盈餘品質、更小的規模、更低的財務槓桿、更高的現金餘額、更高的超額報酬與更高的獲利能力）。最後，我們發現降低下行風險的效果在產業競爭度低、經濟政策不確定性低和股票市場波動性低的公司中更為明顯。

摘要(英)

In this study, we investigate whether inside debts held by CEOs are associated with downside risk and also consider the impact of internal (CEOs’ and firms’ characteristics) and external (industry competition and macroeconomic uncertainty) factors on the connection between inside debt for CEO which is debt-like compensation and corporate downside risk. Using U.S. data from 2006 to 2019, we find that CEO who holds more inside debt reduces more downside risk. However, the negative impact of inside debt holding on downside risk would be offset in firms managed by younger or male CEOs, whereas the ability of inside debt held by CEO to decrease corporate downside risk would be amplified in firms operated by overconfident CEO. Besides, this reduction effect occurs in firms with good qualities (higher earnings quality, smaller size, lower leverage, higher cash surplus, higher excess returns, and higher profitability). Finally, we find this effect is more pronounced with firms operated in a low competitive industry, front low economic policy uncertainty and equity market volatility.

關鍵字(中)

★ CEO 內部債務
★ 下行風險
★ CEO 特徵
★ 公司特徵
★ 產業競爭度
★ 經濟政策不確定性
★ 股票市場波動性

關鍵字(英)

★ CEO inside debts
★ downside risk
★ CEOs’ characteristics
★ firms’ characteristics
★ industry competition
★ economic policy uncertainty
★ equity market volatility

論文目次

摘要 i
Abstract ii
Table of Contents iii
List of Tables iv
1. Introduction 1
2. Literature Review and Hypotheses 2
3. Data and Description of Variables 7
3.1. What is downside risk 8
3.2. CEO inside debt calculation 8
3.3. Control variables 9
3.4. CEOs’ and firms’ characteristics, industry competition, and macroeconomic uncertainty 9
4. Methodology 10
5. Empirical Results 12
5.1. Descriptive statistics and correlations among variables 12
5.2. 2SLS-IV regression to cope with endogeneity concerns 12
5.3. CEOs′ characteristics 13
5.4. Firms′ characteristics 14
5.5. Outside environment and different time period 14
6. Robustness checks 16
7. Conclusion 16
Appendix 17
References 19

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指導教授

王志瑋(Chih-Wei Wang)

審核日期

2023-1-13

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