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Private benefits of control and bank loan contracts

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  • Lin, Chih-Yung
  • Tsai, Wei-Che
  • Hasan, Iftekhar
  • Tuan, Le Quoc

Abstract

This paper investigates whether or not private benefits of control by managers and large shareholders influence the financing cost of firms. Evidence shows that lending banks demand a significantly higher loan spread, higher fees, shorter loan maturity, smaller loan size, stricter covenants, and greater collateral on firms with greater private benefits of control. Results are stronger for firms with weak corporate governance quality, supporting the agency cost viewpoint. Such evidence implies that banks consider higher private benefits of control as a type of agency problem when they make lending decisions.

Suggested Citation

  • Lin, Chih-Yung & Tsai, Wei-Che & Hasan, Iftekhar & Tuan, Le Quoc, 2018. "Private benefits of control and bank loan contracts," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 324-343.
    • Handle: RePEc:eee:corfin:v:49:y:2018:i:c:p:324-343
    DOI: 10.1016/j.jcorpfin.2018.01.006
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    More about this item

    Keywords

    Private benefits of control; Agency problem; Bank loan spread; Non-price terms; Corporate governance;
    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
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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