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In: Contexts / American Sociological Association: understanding people in their social worlds, Volume 18, Issue 1, p. 30-35
ISSN: 1537-6052
Racial discrimination shapes who feels debt as a crushing burden and who experiences debt as an opportunity. U.S. financial products and rules, and the ways they're implemented, amplify this inequality along racial lines.
In: Journal of Corporate Finance, Volume 74
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In: Xiao, J.J. and Yao, R. (2022), "Good debt, bad debt: family debt portfolios and financial burdens", International Journal of Bank Marketing, Vol. 40 No. 4, pp. 659-678. https://doi.org/10.1108/IJBM-06-2021-0243
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In: IMF Working Paper, p. 1-55
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In: The world guide: a view from the south, p. 74-75
ISSN: 1460-4809
In: Corporate Governance: The International Journal of Business in Society, Volume 18, Issue 4, p. 686-713
Purpose
This paper aims to examine jointly the CEO inside debt and firm debt to further investigate the compensation incentives on risky decision-making and the resulting financial policy decisions concerning the debt structure of the firm.
Design/methodology/approach
Using S&P 1500 data from CRSP, Compustat, Execucomp and Capital IQ between 2006 and 2011, statistical analysis and regression models are used to determine potential correlations between the variable of interest, inside debt and debt control variables, including specialization.
Findings
Firms with high inside debt specialize in commercial loans and drawn credit lines. Larger firms diversify their debt holdings among commercial instruments and senior bonds. As firm size increases with inside debt, the effects are counteracted. Larger firms with high CEO inside debt have lower interest rates on these debt instruments and shorter maturities, suggesting a more conservative financing policy with regards to debt.
Research limitations/implications
Debt diversification is partially affected by compensation in the form of inside debt. Future studies of debt diversification should include CEO compensation controls.
Practical implications
For struggling companies or for those that want to return to a conservative financial policy, they can influence the CEO to make this decision by deferring his compensation to retirement.
Originality/value
This paper considers debt policy through the lens of a key decision maker, the CEO, and uses compensation as an incentive to determine what choices are made concerning debt.
In: Harvard international law journal, Volume 28, Issue 2, p. 507
ISSN: 0017-8063
In: Journal of economic dynamics & control, Volume 24, Issue 5-7, p. 1121-1144
ISSN: 0165-1889
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In: Women's studies quarterly: WSQ, Volume 42, Issue 1-2, p. 46-48
ISSN: 1934-1520
In: Journal of development economics, Volume 36, Issue 1, p. 5-36
ISSN: 0304-3878
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