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Risk-taking of bank CEOs and corporate innovation

Author

Listed:
  • Giau Bui, Dien
  • Chen, Yehning
  • Lin, Chih-Yung
  • Lin, Tse-Chun

Abstract

We find that banks with CEOs who postpone exercising deep in-the-money options are more likely to lend to firms that are smaller, riskier, and more engaged in corporate innovation. These borrowers also spend more on R&D than a matched sample after getting the loans. Subsequently, these borrowers have higher innovation outputs and achieve greater market valuations. Overall, our findings suggest that the bank CEOs who reveal a high risk-taking attitude by their option exercising behavior help facilitate technological progress via the syndicate loans.

Suggested Citation

  • Giau Bui, Dien & Chen, Yehning & Lin, Chih-Yung & Lin, Tse-Chun, 2021. "Risk-taking of bank CEOs and corporate innovation," Journal of International Money and Finance, Elsevier, vol. 115(C).
    • Handle: RePEc:eee:jimfin:v:115:y:2021:i:c:s026156062100036x
    DOI: 10.1016/j.jimonfin.2021.102387
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    More about this item

    Keywords

    CEO risk-taking attitude; Corporate innovation; Bank syndicate loan; R&D; Tobin’s q;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • 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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