Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/94399
DC Field | Value | Language |
---|---|---|
dc.contributor | School of Accounting and Finance | en_US |
dc.creator | Ouyang, B | en_US |
dc.creator | Tang, Y | en_US |
dc.creator | Wang, C | en_US |
dc.creator | Zhou, J | en_US |
dc.date.accessioned | 2022-08-15T07:10:58Z | - |
dc.date.available | 2022-08-15T07:10:58Z | - |
dc.identifier.issn | 1047-7039 | en_US |
dc.identifier.uri | http://hdl.handle.net/10397/94399 | - |
dc.language.iso | en | en_US |
dc.publisher | Institute for Operations Research and the Management Sciences | en_US |
dc.rights | Copyright:© 2021 INFORMS | en_US |
dc.rights | This is the accepted manuscript of the following article: Ouyang, B., Tang, Y., Wang, C., & Zhou, J. (2022). No-fly zone in the loan office: How chief executive officers’ risky hobbies affect credit stakeholders’ evaluation of firms. Organization Science, 33(1), 414-430, which has been published in final form at https://doi.org/10.1287/orsc.2021.1443 | en_US |
dc.subject | Pilot CEO | en_US |
dc.subject | Risky hobby | en_US |
dc.subject | Off-the-job activities | en_US |
dc.subject | Stakeholder theory | en_US |
dc.subject | Upper echelons theory | en_US |
dc.title | No-fly zone in the loan office : how chief executive officers’ risky hobbies affect credit stakeholders’ evaluation of firms | en_US |
dc.type | Journal/Magazine Article | en_US |
dc.description.otherinformation | Title on author’s file: No-Fly Zone in the Loan Office: How CEOs’ Risky Hobbies Affect Credit Stakeholders’ Evaluation of Firms | en_US |
dc.identifier.spage | 414 | en_US |
dc.identifier.epage | 430 | en_US |
dc.identifier.volume | 33 | en_US |
dc.identifier.issue | 1 | en_US |
dc.identifier.doi | 10.1287/ORSC.2021.1443 | en_US |
dcterms.abstract | The extant research has often examined the work-related experiences of corporate executives, but their off-the-job activities could be just as insightful. This study employs a novel proxy for the risky hobbies of chief executive officers (CEOs)-CEOs' hobby of piloting a private aircraft-and investigates its effect on credit stakeholders' evaluation of the firms led by the CEOs as reflected in bank loan contracting. Using a longitudinal data set on CEOs of large United States-listed firms across multiple industries between 1993 and 2010, we obtain strong evidence that bank loans to firms steered by CEOs who fly private jets as a hobby tend to incur a higher cost of debt, to be secured, to have more covenants, and to be syndicated. These effects are mainly driven by banks, which perceive such firms as having a higher default risk. These relationships become stronger when the CEO is more important to the firm and/or can exercise stronger control over decision making. Supplemented by field interviews, our results are also robust to various endogeneity checks using different experimental designs, the Heckman two-stage model, a propensity score-matching approach, a difference-in-differences test, and the impact threshold of confounding variables. | en_US |
dcterms.accessRights | open access | en_US |
dcterms.bibliographicCitation | Organization science, Jan. - Feb. 2022, v. 33, no. 1, p. 414-430 | en_US |
dcterms.isPartOf | Organization science | en_US |
dcterms.issued | 2022-01 | - |
dc.identifier.scopus | 2-s2.0-85125567575 | - |
dc.identifier.eissn | 1526-5455 | en_US |
dc.description.validate | 202208 bcfc | en_US |
dc.description.oa | Accepted Manuscript | en_US |
dc.identifier.FolderNumber | AF-0003 | - |
dc.description.fundingSource | Others | en_US |
dc.description.fundingText | National Natural Science Foundation of China (No. 71932003); National Natural Science Foundation of China (No. 72072143) | en_US |
dc.description.pubStatus | Published | en_US |
dc.identifier.OPUS | 60030628 | - |
Appears in Collections: | Journal/Magazine Article |
Files in This Item:
File | Description | Size | Format | |
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Ouyang_No-Fly_Zone_Loan.pdf | Pre-Published version | 522.75 kB | Adobe PDF | View/Open |
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