Why do firms allow their CEOs to join trade associations? An embeddedness view

International Review of Economics & Finance - Tập 32 - Trang 47-61 - 2014
Ju-Fang Yen1, Yan-Shing Chen2, Chung-Hua Shen2, Chih-Yung Lin3
1Department of Statistics, College of Business, National Taipei University, Taiwan, ROC
2Department of Finance, National Taiwan University, Taiwan, ROC
3College of Management, Yuan Ze University, Taiwan, ROC

Tài liệu tham khảo

Albuquerque, 2004, Optimal lending contracts and firm dynamics, Review of Financial Studies, 71, 285 Allen, 2005, Law, finance, and economic growth in China, Journal of Financial Economics, 77, 57, 10.1016/j.jfineco.2004.06.010 Almeida, 2007, Financial constraints, asset tangibility, and corporate investment, Review of Financial Studies, 20, 1429, 10.1093/rfs/hhm019 Atta-Mensah, 2008, Bank lending, credit shocks, and the transmission of Canadian monetary policy, International Review of Economics and Finance, 17, 159, 10.1016/j.iref.2006.06.003 Bacon, 1975 Bharath, 2008, Accounting quality and debt contracting, Accounting Review, 23, 1, 10.2308/accr.2008.83.1.1 Chan, 2007, China financial research: A review and synthesis, International Review of Economics and Finance, 16, 416, 10.1016/j.iref.2005.09.004 Claessens, 2008, Political connections and preferential access to finance: The role of campaign contributions, Journal of Financial Economics, 88, 554, 10.1016/j.jfineco.2006.11.003 Cook, 1999, The liquidity effect and money demand, Journal of Monetary Economics, 43, 377, 10.1016/S0304-3932(98)00056-7 DeAngelo, 2010, Seasoned equity offerings, market timing, and the corporate lifecycle, Journal of Financial Economics, 95, 275, 10.1016/j.jfineco.2009.11.002 DeMarzo, 2007, Optimal long-term financial contracting, Review of Financial Studies, 20, 2079, 10.1093/rfs/hhm031 Deng, 2013, Dividends, investment and cash flow uncertainty: Evidence from China, International Review of Economics and Finance, 27, 112, 10.1016/j.iref.2012.09.005 Dinç, 2005, Politicians and banks: Political influences on government-owned banks in emerging markets, Journal of Financial Economics, 77, 453, 10.1016/j.jfineco.2004.06.011 Doong, 2011, Are social, financial, and human capital value enhancing? Evidence from Taiwanese firms, International Review of Economics and Finance, 20, 395, 10.1016/j.iref.2010.11.018 Duchin, 2010, When are outside directors effective?, Journal of Financial Economics, 96, 195, 10.1016/j.jfineco.2009.12.004 Engelberg, 2009, The value of a rolodex, CEO pay and personal networks Faccio, 2006, Politically connected firms, American Economic Review, 96, 369, 10.1257/000282806776157704 Faccio, 2006, Political connections and corporate bailouts, Journal of Finance, 61, 2597, 10.1111/j.1540-6261.2006.01000.x Fahlenbrach, 2010, Why do firms appoint CEOs as outside directors?, Journal of Financial Economics, 97, 12, 10.1016/j.jfineco.2010.01.003 Fisman, 2001, Estimating the value of political connections, American Economic Review, 91, 1095, 10.1257/aer.91.4.1095 Geletkanycz, 2011, CEO outside directorships and firm performance: A reconciliation of agency and embeddedness views, Academy of Management Journal, 54, 335, 10.5465/AMJ.2011.60263094 Geletkanycz, 2001, The strategic value of CEO external directorate networks: Implications for CEO compensation, Strategic Management Journal, 22, 889, 10.1002/smj.172 Graham, 2008, Corporate misreporting and bank loan contracting, Journal of Financial Economics, 88, 44, 10.1016/j.jfineco.2007.08.005 Hart, 2001, Financial contracting, Journal of Economic Literature, 39, 1079, 10.1257/jel.39.4.1079 Hart, 1998, Default and renegotiation: A dynamic model of debt, Quarterly Journal of Economics, 113, 1, 10.1162/003355398555496 Hovakimian, 2006, Corporate investment with financial constraints: Sensitivity of investment to funds from voluntary asset sales, Journal of Money, Credit, and Banking, 38, 357, 10.1353/mcb.2006.0034 Khwaja, 2005, Do lenders favor politically connected firms? Rent provision in emerging financial market, Quarterly Journal of Economics, 120, 1371, 10.1162/003355305775097524 Leuz, 2006, Political relationships, global financing and corporate transparency, Journal of Financial Economics, 81, 411, 10.1016/j.jfineco.2005.06.006 Li, 2008, Political connection, financing and firm performance: Evidence from Chinese private firms, Journal of Development Economics, 87, 283, 10.1016/j.jdeveco.2007.03.001 Lin, 2011, Ownership structure and the cost of corporate borrowing, Journal of Financial Economics, 100, 1, 10.1016/j.jfineco.2010.10.012 Lorsh, 1989 Mcdonald, 2008, What do they know? The effects of outside director acquisition experience on firm acquisition performance, Strategic Management Journal, 29, 1155, 10.1002/smj.704 Micco, 2007, Bank ownership and performance. Does politics matter?, Journal of Banking & Finance, 31, 219, 10.1016/j.jbankfin.2006.02.007 Neff, 2006, Why board service is still attractive?, The Corporate Board, 27, 1 Petersen, 2009, Estimating standard errors in finance panel data sets: Comparing approaches, Review of Financial Studies, 22, 435, 10.1093/rfs/hhn053 Rajan, 1995, Covenants and collateral as incentives to monitor, Journal of Finance, 50, 1113, 10.1111/j.1540-6261.1995.tb04052.x Sapienza, 2004, The effects of government ownership on bank lending, Journal of Financial Economics, 72, 357, 10.1016/j.jfineco.2002.10.002 White, 1980, Heteroskedasticity-consistent covariance matrix and a direct test for heteroskedasticity, Econometrica, 48, 817, 10.2307/1912934