CEO compensation and banks' risk-taking during pre and post financial crisis periods

被引：15

作者：

Shah, Syed Zulfiqar Ali ^{[1
]}

Akbar, Saeed ^{[2
]}

Liu, Jia ^{[3
]}

Liu, Ziyu ^{[1
]}

Cao, Sichen ^{[1
]}

机构：

[1] Univ Warwick, Warwick Business Sch, Scarman Rd, Coventry CV4 7AL, W Midlands, England

[2] Hull Univ, Sch Business, Cottingham Rd, Kingston Upon Hull HU6 7RX, N Humberside, England

[3] Univ Salford, Salford Business Sch, Lady Hale Bldg, Salford M5 4WT, Lancs, England

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2017年 / 42卷

关键词：

Compensation; Risk-taking; Financial crisis; TARP; EXECUTIVE STOCK-OPTIONS; MANAGERIAL INCENTIVES; OWNERSHIP STRUCTURE; FIRM; INDUSTRY; TARP; DEREGULATION; BEHAVIOR; POLICIES; BONUSES;

D O I：

10.1016/j.ribaf.2017.07.089

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the impact of CEO compensation on banks' risk during both pre and postfinancial crisis periods. Our results suggest a negative relationship between CEO bonuses and banks' risk in the pre-financial crisis period. Similarly, restricted shares and options granted to CEOs in the post-financial crisis period also appear to decrease banks' risk. In contrast, we observe a positive influence of the Troubled Asset Relief Program (TARP) on banks' risk. Our results also show that the length of time to maturity of options influences banks' risk-taking behavior. Our findings have useful implications for formulating and regulating CEO compensation structure.

引用

页码：1489 / 1503

页数：15

共 50 条

[21] Financial guarantors' executive compensation, charter value and risk-taking
La, Van Son
Soumare, Issouf
Sun, Yan
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2012, 26 (03) : 387 - 397
[22] Risk-Taking and Risk Management by Banks
Stulz, Rene M.
JOURNAL OF APPLIED CORPORATE FINANCE, 2015, 27 (01) : 8 - 18
[23] Risk-Taking and Risk Management by Banks
Stulz, Rene M.
JOURNAL OF APPLIED CORPORATE FINANCE, 2022, 34 (01) : 95 - 105
[24] Does debt concentration depend on the risk-taking incentives in CEO compensation?
Castro, Paula
Keasey, Kevin
Amor-Tapia, Borja
Tascon, Maria T.
Vallascas, Francesco
JOURNAL OF CORPORATE FINANCE, 2020, 64
[25] CEO Narcissism, Risk-Taking, and Resilience: An Empirical Analysis in US Commercial Banks
Buyl, Tine
Boone, Christophe
Wade, James B.
JOURNAL OF MANAGEMENT, 2019, 45 (04) : 1372 - 1400
[26] Equity-based Compensation and Manager's Risk-taking in Commercial Banks
Shao, Ke
PROCEEDINGS OF CHINA-CANADA INDUSTRY WORKSHOP ON ENTERPRISE RISK MANAGEMENT 2008, 2008, : 395 - 403
[27] Bank executive compensation structure, risk taking and the financial crisis
Guo L.
Jalal A.
Khaksari S.
Review of Quantitative Finance and Accounting, 2015, 45 (3) : 609 - 639
[28] Financial technology, macroeconomic uncertainty, and commercial banks' proactive risk-taking in China
Liang, Fang
Zhao, Pu
Huang, Zhuo
CHINA ECONOMIC QUARTERLY INTERNATIONAL, 2023, 3 (02): : 77 - 87
[29] Discussion of "CEO compensation and corporate risk-taking: Evidence from a natural experiment"
Armstrong, Christopher S.
JOURNAL OF ACCOUNTING & ECONOMICS, 2013, 56 (2-3): : 102 - 111
[30] International Evidence on Risk Taking by Banks Around the Global Financial Crisis
Danisoglu, Seza
Guner, Z. Nuray
Haciomeroglu, Hande Ayaydin
EMERGING MARKETS FINANCE AND TRADE, 2018, 54 (09) : 1946 - 1962

← 1 2 3 4 5 →