Does a CEO’s hedging ability affect the firm’s capital structure?

被引：0
|
作者：
Dunham L.M. [1 ]
机构：
[1] Heider College of Business, Department of Finance and Economics, Creighton University, 2500 California Plaza, Omaha, 68178, NE
来源：
Journal of Economics and Finance | 2018年 / 42卷 / 3期
关键词：
Capital structure; Executive compensation; Firm risk; Managerial hedging; Restricted stock; Unrestricted stock;
D O I：
10.1007/s12197-017-9415-9
中图分类号：
学科分类号：
摘要：
I examine whether a CEO’s composition of firm stockholdings between restricted and unrestricted shares impacts the amount of leverage carried by the firm. I document a negative and statistically significant relationship between leverage and the proportion of CEO total shareholdings that are unrestricted, and this negative relationship holds for alternative measures of leverage. This result supports the notion that the composition of a CEO’s portfolio of firm stock between restricted and unrestricted shares is a significant determinant of leverage ratios. © 2017, Springer Science+Business Media, LLC.
引用
收藏
页码：615 / 630
页数：15
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