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Bank CEO risk-taking incentives and bank lending quality

Author

Listed:
  • Rui-Xiang Zhai

    (National Kaohsiung University of Science and Technology)

  • Po-Hsin Ho

    (National Central University)

  • Chih-Yung Lin

    (National Yang Ming Chiao Tung University)

  • Tran Thi Thuy Linh

    (Thai Nguyen University of Economics and Business Administration)

Abstract

We investigate how bank CEO risk-taking incentives (Vega) influence lending decisions. We find that Vega is negatively related to the cumulative abnormal returns around loan announcements for banks. Our evidence shows that banks with high Vega charge a significantly lower loan spread, demand fewer loan covenants, and have a lower probability of requesting collateral. The results become weaker when banks have strong corporate governance mechanisms. We conduct a difference-in-differences analysis of banks who receive troubled asset relief program (TARP) funding that puts pressure on banks to reduce their option. We find that the Vega effect significantly declines after TARP.

Suggested Citation

  • Rui-Xiang Zhai & Po-Hsin Ho & Chih-Yung Lin & Tran Thi Thuy Linh, 2023. "Bank CEO risk-taking incentives and bank lending quality," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 949-981, April.
    • Handle: RePEc:kap:rqfnac:v:60:y:2023:i:3:d:10.1007_s11156-022-01119-y
    DOI: 10.1007/s11156-022-01119-y
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    More about this item

    Keywords

    CEO risk-taking incentives; Bank loan contracts; Cumulative abnormal returns; Corporate governance; Lending quality;
    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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