Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/106814
|
| Title: | CEO調節焦點與聯貸特性之關聯性
The relationship between CEO regulatory focus and syndicated features |
| Authors: | 宋怡慧
Song, Yi Huei |
| Contributors: | 詹凌菁
Chan, Ling Ching
宋怡慧
Song, Yi Huei |
| Keywords: | 調節焦點理論
經理人特質
聯貸
Regulatory focus
CEO characteristic
Syndicated loans |
| Date: | 2017 |
| Issue Date: | 2017-03-01 17:03:13 (UTC+8) |
| Abstract: | 調焦焦點理論將人的特質區分成促進型目標定向( Promotion focus)與防禦型目標定向( Prevention focus)。促進型目標定向經理人的動機在於推動正面結果的產生，因此對於公司的成長與業績較為敏感；防禦型目標定向的經理人則是為了防止發生負面結果而兢兢業業，對於公司的經營偏好維持現狀。本篇研究假設促進型目標定向的經理人因為較為關注正面結果的出現與否，因而使得公司能夠有較佳的經營結果。故本篇研究假設借款公司的經理人若偏向促進型目標定向，可從銀行得到較低的聯貸利差，借款金額較高以及較長的借款期間，需要提供擔保品的機率則較低。樣本來自於S&P1500，並排除金融業及保險業；經理人的調節焦點則是藉由分析經理人所寫的致股東信所衡量。研究結果顯示擁有促進型目標定向經理人的借款公司，與聯貸利差呈現負相關，顯示這類型的公司可以得到較優惠的利率。至於非利率條件，包含借款金額、借款期間以及提供擔保品的機率，本研究並未發現擁有促進型目標定向經理人的借款公司與較優惠的非利率條件之間具有關聯性。
This study investigates the relationship between CEO regulatory focus and syndicated features. Regulatory focus theory divides people into promotion and prevention focus. Promotion-focused people are demonstrated to pay more attention to accomplishments and growth, while prevention-focused people are more concerned about safety and security. Based on the assumption that CEOs who are more inclined to be promotion-focused are more concerned about the presence and absence of positive outcomes, the operating results would be better compared to that of the prevention-focused CEOs’. Therefore, I hypothesize that borrowing firms with CEOs who are more inclined to be promotion-focused would have lower syndicate spread, larger loan amount, longer maturity and lower possibility of providing security. The sample consists of S&P 1500 non-financial firms, and CEO regulatory focus is captured by conducting content analysis of the letters that CEOs write to shareholders. The results suggest that borrowers with CEOs that are more inclined to be promotion-focused are associated with lower loan spreads, after controlling for several firm-specific and loan-specific controls. However, I do not find evidence that CEO regulatory focus is related to non-pricing loan contract terms, including loan amount, loan maturity and the possibility of providing security. |
| Reference: | Aaker, J. L., & Lee, A. Y. 2001. “I” seek pleasures and “we” avoid pains: The role of self‐regulatory goals in information processing and persuasion. Journal of Consumer Research 28(1): 33-49.
Allen, T. 1990. Developments in the international syndicated loan market in the 1980s. Bank of England Quarterly Bulletin 30(1): 71-77.
Armstrong, J. 2003. The syndicated loan market: Developments in the North American context. Working Paper, Bank of Canada.
Bae, K. H., & Goyal, V. K. 2009. Creditor rights, enforcement, and bank loans. The Journal of Finance 64(2): 823-860.
Barua, A., Davidson, L. F., Rama, D. V., & Thiruvadi, S. 2010. CFO gender and accruals quality. Accounting Horizons 24(1): 25-39.
Bharath, S. T., Sunder, J., & Sunder, S. V. 2008. Accounting quality and debt contracting. The Accounting Review 83(1): 1-28.
Bradley, M., & Roberts, M. R. 2004. The structure and pricing of corporate debt covenants. 6th Annual Texas Finance Festival.
Brockner, J., Higgins, E. T., & Low, M. B. 2004. Regulatory focus theory and the entrepreneurial process. Journal of Business Venturing 19(2): 203-220.
Chava, S., & Roberts, M. R. 2008. How does financing impact investment? The role of debt covenants. The Journal of Finance 63(5): 2085-2121.
Costello, A. M. 2011. The impact of financial reporting quality on debt contracting: Evidence from internal control weakness reports. Journal of Accounting Research 49(1): 97-136.
Crowe, E., & Higgins, E. T. 1997. Regulatory focus and strategic inclinations: Promotion and prevention in decision-making. Organizational Behavior and Human Decision Processes 69(2): 117-132.
Daly, J. P., Pouder, R. W., & Kabanoff, B. 2004. The effects of initial differences in firms’ espoused values on their postmerger performance. The Journal of Applied Behavioral Science 40(3): 323-343.
Dennis, S., Nandy, D., & Sharpe, L. G. 2000. The determinants of contract terms in bank revolving credit agreements. Journal of Financial and Quantitative Analysis 35(01): 87-110.
Dennis, S. A., & Mullineaux, D. J. 2000. Syndicated loans. Journal of Financial Intermediation 9(4): 404-426.
Duriau, V. J., Reger, R. K., & Pfarrer, M. D. 2007. A content analysis of the content analysis literature in organization studies: Research themes, data sources, and methodological refinements. Organizational Research Methods 10(1): 5-34.
Ehrhart, M. G., & Klein, K. J. 2001. Predicting followers` preferences for charismatic leadership: The influence of follower values and personality. The Leadership Quarterly 12(2): 153-179.
Förster, J., Grant, H., Idson, L. C., & Higgins, E. T. 2001. Success/failure feedback, expectancies, and approach/avoidance motivation: How regulatory focus moderates classic relations. Journal of Experimental Social Psychology 37(3): 253-260.
Förster, J., Higgins, E. T., & Idson, L. C. 1998. Approach and avoidance strength during goal attainment: regulatory focus and the" goal looms larger" effect. Journal of Personality and Social Psychology 75(5): 1115.
Ferreira, M. A., & Matos, P. 2012. Universal banks and corporate control: Evidence from the global syndicated loan market. Review of Financial Studies 25(9): 2703-2744.
Francis, B., Hasan, I., Park, J. C., & Wu, Q. 2015. Gender differences in financial reporting decision making: Evidence from accounting conservatism. Contemporary Accounting Research 32(3): 1285-1318.
Francis, B., Hasan, I., & Wu, Q. 2013. The impact of CFO gender on bank loan contracting. Journal of Accounting, Auditing & Finance 28(1): 53-78.
Friedman, R. S., & Förster, J. 2001. The effects of promotion and prevention cues on creativity. Journal of Personality and Social Psychology 81(6): 1001.
Gadanecz, B. 2004. The syndicated loan market: structure, development and implications. BIS Quarterly Review, December.
Gamache, D. L., McNamara, G., Mannor, M. J., & Johnson, R. E. 2015. Motivated to acquire? The impact of CEO regulatory focus on firm acquisitions. Academy of Management Journal 58(4): 1261-1282.
Giannetti, M., & Yafeh, Y. 2012. Do cultural differences between contracting parties matter? Evidence from syndicated bank loans. Management Science 58(2): 365-383.
Graham, J. R., Li, S., & Qiu, J. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89(1): 44-61.
Hambrick, D. C., & Mason, P. A. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9(2): 193-206.
Harjoto, M., Mullineaux, D. J., & Yi, H. C. 2006. A comparison of syndicated loan pricing at investment and commercial banks. Financial Management 35(4): 49-70.
Higgins, E. T. 1997. Beyond pleasure and pain. American Psychologist 52(12): 1280.
Higgins, E. T. 2000. Making a good decision: value from fit. American Psychologist 55(11): 1217.
Higgins, E. T., & Spiegel, S. 2004. Handbook of self-regulation: Research, theory, and applications. New York: Guilford Press.
Houston, J., & James, C. 1996. Bank information monopolies and the mix of private and public debt claims. The Journal of Finance 51(5): 1863-1889.
Idson, L. C., Liberman, N., & Higgins, E. T. 2000. Distinguishing gains from nonlosses and losses from nongains: A regulatory focus perspective on hedonic intensity. Journal of Experimental Social Psychology 36(3): 252-274.
Kaplan, S. 2008. Cognition, capabilities, and incentives: Assessing firm response to the fiber-optic revolution. Academy of Management Journal 51(4): 672-695.
Kark, R., & Van Dijk, D. 2007. Motivation to lead, motivation to follow: The role of the self-regulatory focus in leadership processes. Academy of Management Review 32(2): 500-528.
Kim, J.-B., Tsui, J. S., & Cheong, H. Y. 2011. The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Review of Accounting Studies 16(4): 779-811.
Lim, J., Minton, B. A., & Weisbach, M. S. 2014. Syndicated loan spreads and the composition of the syndicate. Journal of Financial Economics 111(1): 45-69.
Nadkarni, S., & Barr, P. S. 2008. Environmental context, managerial cognition, and strategic action: an integrated view. Strategic Management Journal 29(13): 1395-1427.
Ortiz-Molina, H., & Penas, M. F. 2008. Lending to small businesses: The role of loan maturity in addressing information problems. Small Business Economics 30(4): 361-383.
Qian, J., & Strahan, P. E. 2007. How laws and institutions shape financial contracts: The case of bank loans. The Journal of Finance 62(6): 2803-2834.
Rhodes, T. 2004. Syndicated lending: Practice and documentation, Fourth Edition. London: Euromoney Institutional Investor.
Shah, J., Higgins, T., & Friedman, R. S. 1998. Performance incentives and means: how regulatory focus influences goal attainment. Journal of Personality and Social Psychology 74(2): 285.
Shapiro, G., & Markoff, J. 1997. Text analysis for the social sciences: Metods for drawing statistical inferences from texts and transcripts. Lawrence Erlbaum Associates, Publishers: Mahwah, New Jersey.
Simons, K. 1993. Why do banks syndicate loans? New England Economic Review (Jan): 45-52.
Strahan, P. E. 1999. Borrower risk and the price and nonprice terms of bank loans. Working paper, Federal Reserve Bank of New York.
Van‐Dijk, D., & Kluger, A. N. 2004. Feedback sign effect on motivation: Is it moderated by regulatory focus? Applied Psychology 53(1): 113-135.
Wallace, J. C., Little, L. M., Hill, A. D., & Ridge, J. W. 2010. CEO regulatory foci, environmental dynamism, and small firm performance. Journal of Small Business Management 48(4): 580-604.
Wang, J., & Lee, A. Y. 2006. The role of regulatory focus in preference construction. Journal of Marketing research 43(1): 28-38.
White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica: Journal of the Econometric Society 48(4): 817-838.
Wittenberg-Moerman, R. 2008. The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market. Journal of Accounting and Economics 46(2): 240-260.
Wowak, A. J., & Hambrick, D. C. 2010. A model of person‐pay interaction: how executives vary in their responses to compensation arrangements. Strategic Management Journal 31(8): 803-821. |
| Description: | 碩士
國立政治大學
會計學系
101353041 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0101353041 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
There are no files associated with this item.
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
