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

CEO Incentives and Bank Liquidity Management 300 Independent Variable 1. CEO cash bonus 2. CEO equity incentive ($) 1992-2012 1992-2006 2007-2012 1992-2012 1992-2006 2007-2012 (1) (2) (3) (4) (5) (6) Panel B: S&P 1,500 banks Constant -0.0003 -0.001 -0.030 0.018 0.039 -0.045 (-0.01) (-0.02) (-0.40) (0.48) (0.85) (-0.67) CashBonus i,t-1 -0.005 -0.012 0.011 (-0.42) (-0.92) (0.60) EquityIncentive ($) i,t-1 0.011 0.003 0.035 (1.18) (0.22) (2.06)** EquityRiskExposure ($) i,t-1 EquityIncentive (%) i,t-1 EquityRiskExposure (%) i,t-1 LoanCommitment i,t-1 0.598 0.675 0.351 0.569 0.655 0.322 (13.02)*** (12.72)*** (3.88)*** (11.69)*** (11.49)*** (3.84)*** DepositBase i,t-1 1.846 1.988 1.302 1.843 2.032 1.220 (14.93)*** (14.34)*** (4.78)*** (14.05)*** (13.47)*** (4.97)*** LoanCommitment i,t-1 * DepositBase i,t-1 -5.983 -6.842 -3.193 -5.980 -7.061 -2.999 (-12.65)*** (-12.49)*** (-3.55)*** (-11.86)*** (-11.77)*** (-3.62)*** BankCapital i,t-1 -0.172 -0.183 0.092 -0.167 -0.195 0.105 (-1.73)* (-1.71)* (0.30) (-1.58) (-1.67)* (0.39) Share of Deposit Financing i,t-1 0.046 0.043 0.077 0.016 0.001 0.076 (1.10) (0.91) (0.96) (0.37) (0.01) (1.07) BusinessCycle t-1 -0.256 -0.202 -0.699 -0.089 -0.339 -0.674 (-1.15) (-0.47) (-1.65)* (-0.39) (-0.70) (-1.79)* Fixed effect Yes Yes Yes Yes Yes Yes N 324 252 72 335 252 83 R-square 0.545 0.583 0.439 0.495 0.536 0.452 F test of excluded instruments (54.12)*** (48.71)*** (7.16)*** (45.80)*** (40.26)*** (8.83)***