臺大管理論叢 NTU Management Review VOL.29 NO.1

CEO Incentives and Bank Liquidity Management 298 Table 9 The Relation between Bank Liquidity and CEO Incentives This table presents the cross-sectional regression analyses between bank liquidity holdings and CEO incentives from 1992 to 2012. We divided our research period into two different sub-periods. The pre- financial crisis period is 1992 to 2006, and 2007 to 2012 is the post-crisis period. All variables are as defined in the Appendix and winsorized at the 5th and 95th percentiles. All dollar values are in inflation- Independent Variable 1. CEO cash bonus 2. CEO equity incentive ($) 1992-2012 1992-2006 2007-2012 1992-2012 1992-2006 2007-2012 (1) (2) (3) (4) (5) (6) Panel A: All banks Constant 0.051 0.065 -0.044 0.049 0.064 -0.002 (2.65)*** (2.84)*** (-1.18) (2.63)*** (2.77)*** (-0.07) CashBonus i,t-1 -0.003 -0.005 0.003 (-0.56) (-0.73) (0.35) EquityIncentive ($) i,t-1 -0.005 -0.008 -0.009 (-1.09) (-1.28) (-1.12) EquityRiskExposure ($) i,t-1 EquityIncentive (%) i,t-1 EquityRiskExposure (%) i,t-1 LoanCommitment i,t-1 0.688 0.730 0.533 0.722 0.770 0.590 (20.62)*** (18.83)*** (8.67)*** (22.54)*** (20.08)*** (10.79)*** DepositBase i,t-1 1.475 1.564 1.061 1.550 1.678 1.050 (20.35)*** (18.73)*** (7.86)*** (21.10)*** (19.30)*** (8.30)*** LoanCommitment i,t-1 * DepositBase i,t-1 -5.619 -6.117 -3.543 -6.066 -6.714 -3.850 (-17.25)*** (-16.36)*** (-5.73)*** (-18.40)*** (-17.27)*** (-6.54)*** BankCapital i,t-1 -0.309 -0.346 0.050 -0.301 -0.337 -0.034 (-4.32)*** (-4.40)*** (0.28) (-3.78)*** (-3.70)*** (-0.21) Share of Deposit Financing i,t-1 -0.008 -0.031 0.087 -0.005 -0.019 0.044 (-0.35) (-1.18) (2.09)** (-0.24) (-0.76) (1.17) BusinessCycle t-1 -0.026 0.097 -0.861 -0.132 -0.241 -0.976 (-0.20) (0.38) (-3.88)*** (-1.09) (-0.90) (-4.84)*** Fixed effect Yes Yes Yes Yes Yes Yes N 1,202 928 274 1,238 915 323 R-square 0.426 0.440 0.437 0.449 0.460 0.478 F test of excluded instruments (126.71)*** (103.42)*** (29.51)*** (142.99)*** (110.23)*** (41.17)***