Do CEOs with academic experience add value to firms? Evidence on bank loans from Chinese firms

被引：18

作者：

Wang, Lu ^{[1
]}

Su, Zhong-qin ^{[2
]}

Fung, Hung-Gay ^{[3
]}

Jin, Hong-min ^{[1
]}

Xiao, Zuoping ^{[2
]}

机构：

[1] Southwest Jiaotong Univ, Sch Econ & Management, Chengdu 610031, Sichuan, Peoples R China

[2] Hangzhou Dianzi Univ, Sch Accounting, Hangzhou 310018, Zhejiang, Peoples R China

[3] Univ Missouri, Coll Business Adm, St Louis, MO 63121 USA

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2021年 / 67卷

基金：

中国国家自然科学基金;

关键词：

Academic experience; Bank loan contracts; CEOs; CORPORATE SOCIAL-RESPONSIBILITY; INTERNAL CONTROL WEAKNESS; CUSTOMER CONCENTRATION; POLITICAL CONNECTIONS; CONTRACTING EVIDENCE; UPPER ECHELONS; TAX AVOIDANCE; COST; DIRECTORS; IMPACT;

D O I：

10.1016/j.pacfin.2021.101534

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study uses Chinese firms to show that CEOs with academic experience obtain bank loans with lower loan spreads, longer maturity, and fewer collateral requirements. They enhance goodwill of the firms (social capital and better-quality earnings reporting) and lower agency costs to reduce loan spread. Academic CEOs engage in a series of stewardship behaviors to improve financial performance. They play a critical role in determining the private debt contracts.

引用

页数：24

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