政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/142008
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    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 link: https://doi.org/10.1111/jbfa.12604
    DOI: 10.1111/jbfa.12604
    Appears in Collections:[Department of Finance] Periodical Articles

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