政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/142008
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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/142008


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    题名: Board Corruption and Loan Contracts
    作者: 黃嘉威
    Huang, Chia-Wei
    Robin;Lin, Chih-Yung
    贡献者: 財管系
    关键词: agency problem;bank loan spread;board corruption;corporate governance;financing cost
    日期: 2022-03
    上传时间: 2022-09-21 11:08:49 (UTC+8)
    摘要: 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.
    關聯: Journal of Business Finance & Accounting, Vol.49, No.9-10, pp.1929-1956
    数据类型: article
    DOI 連結: https://doi.org/10.1111/jbfa.12604
    DOI: 10.1111/jbfa.12604
    显示于类别:[財務管理學系] 期刊論文

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