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

CEO Incentives and Bank Liquidity Management 302 Independent Variable 1. CEO cash bonus 2. CEO equity incentive ($) 1992-2012 1992-2006 2007-2012 1992-2012 1992-2006 2007-2012 (1) (2) (3) (4) (5) (6) Panel C: Non-S&P 1,500 banks Constant 0.058 0.074 -0.052 0.062 0.077 0.002 (2.53)*** (2.69)*** (-1.19) (2.83)*** (2.83)*** (0.05) CashBonus i,t-1 -0.003 -0.004 -0.002 (-0.49) (-0.47) (-0.23) EquityIncentive ($) i,t-1 -0.010 -0.013 -0.013 (-1.76)* (-1.80)* (-1.44) EquityRiskExposure ($) i,t-1 EquityIncentive (%) i,t-1 EquityRiskExposure (%) i,t-1 LoanCommitment i,t-1 0.796 0.835 0.693 0.845 0.881 0.771 (17.35)*** (15.55)*** (7.94)*** (19.67)*** (17.01)*** (10.02)*** DepositBase i,t-1 1.328 1.374 1.059 1.425 1.509 1.076 (14.60)*** (13.03)*** (6.29)*** (15.65)*** (13.84)*** (6.92)*** LoanCommitment i,t-1 * DepositBase i,t-1 -5.630 -5.896 -4.483 -6.275 -6.638 -5.151 (-13.11)*** (-12.17)*** (-4.81)*** (-14.48)*** (-13.18)*** (-5.91)*** BankCapital i,t-1 -0.388 -0.443 -0.013 -0.463 -0.530 -0.199 (-3.96)*** (-4.06)*** (-0.05) (-3.89)*** (-3.76)*** (-0.95) Share of Deposit Financing i,t-1 -0.015 -0.041 0.095 -0.008 -0.022 0.047 (-0.57) (-1.33) (1.91)* (-0.33) (-0.76) (1.07) BusinessCycle t-1 0.113 0.308 -0.910 -0.100 -0.115 -1.056 (0.74) (1.00) (-3.45)*** (-0.71) (-0.36) (-4.54)*** Fixed effect Yes Yes Yes Yes Yes Yes N 878 676 202 903 663 240 R-square 0.405 0.413 0.458 0.451 0.450 0.523 F test of excluded instruments (84.71)*** (67.20)*** (23.43)*** (105.10)*** (76.71)*** (36.37)***