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

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  • Wang, Lu
  • Su, Zhong-qin
  • Fung, Hung-Gay
  • Jin, Hong-min
  • Xiao, Zuoping

Abstract

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.

Suggested Citation

  • Wang, Lu & Su, Zhong-qin & Fung, Hung-Gay & Jin, Hong-min & Xiao, Zuoping, 2021. "Do CEOs with academic experience add value to firms? Evidence on bank loans from Chinese firms," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    • Handle: RePEc:eee:pacfin:v:67:y:2021:i:c:s0927538x2100041x
    DOI: 10.1016/j.pacfin.2021.101534
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    Citations

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    Cited by:

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    4. Jin, Ming & Chen, Fanglin & Chen, Zhongfei, 2023. "Cultural barriers in China's corporate loans," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    5. Hongmin Jin & Lu Wang & Zuoping Xiao & Hung‐Gay Fung, 2023. "What firm risk factors drive bank loan pricing and other terms? Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(3), pages 2985-3010, September.
    6. Changchun Zhu & Na Li & Jing Ma, 2023. "Environmental backgrounds of CEOs and corporate environmental management information disclosure: The mediating effects of financing constraints and media attention," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 2885-2905, November.
    7. Jin, Hong-min & Su, Zhong-qin & Wang, Lu & Xiao, Zuoping, 2022. "Do academic independent directors matter? Evidence from stock price crash risk," Journal of Business Research, Elsevier, vol. 144(C), pages 1129-1148.
    8. Uduwalage, Emil, 2022. "Essays on corporate governance in Sri Lanka," Other publications TiSEM 9f4bd99f-e55d-471a-8aa1-4, Tilburg University, School of Economics and Management.

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    More about this item

    Keywords

    Academic experience; Bank loan contracts; CEOs;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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