Chief executive officer marital status and corporate credit ratings

被引：0

作者：

Cai, Xiangshang ^{[1
]}

Gao, Yang ^{[2
]}

Wu, Zhiting ^{[3
]}

Yuan, Jiayi ^{[4
]}

机构：

[1] Univ Liverpool, Management Sch, Chatham St, Liverpool L69 7ZH, England

[2] Univ Exeter, Business Sch, Streatham Court,Rennes Dr, Exeter EX4 4PU, England

[3] Xiamen Univ, Inst Financial & Accounting Studies, Jiageng 2nd Bldg,422 Siming South Rd, Xiamen 361005, Fujian, Peoples R China

[4] Univ Leeds, Business Sch, Maurice Keyworth Bldg,Woodhouse Lane, Leeds LS2 9JT, England

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 95卷

关键词：

CEO marital status; Corporate credit ratings; Bankruptcy risk; Corporate social responsibility (CSR); Business uncertainty shocks; SOCIAL-RESPONSIBILITY; MANAGERIAL ABILITY; TOURNAMENT INCENTIVES; FIRM PERFORMANCE; FINANCIAL RATIOS; WORK EXPERIENCE; UPPER ECHELONS; RISK-TAKING; CEOS; TESTOSTERONE;

D O I：

10.1016/j.irfa.2024.103385

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this study, we investigate the effects of CEO marital status on credit risk assessments. We find that firms with married CEOs receive more favorable credit ratings. We also find that firms with married CEOs have a lower bankruptcy risk, less exposure to business uncertainty shocks, and better institutional corporate social responsibility (CSR) performance, giving richer insights into potential mechanisms through which married CEOs improve credit ratings. Furthermore, we find that the positive effects of married CEOs on credit ratings are more pronounced for firms with stronger CEO risk-taking incentives provided by option compensation and firms with greater tournament incentives measured as the pay gap between the CEO and the next layer of senior executives. Overall, this study emphasizes the implications of CEO marital status for debtholder wealth.

引用

页数：18

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