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

305 NTU Management Review Vol. 29 No. 1 Apr. 2019 Table 10 The Relation between Bank Liquidity and CEO Incentives: Combined Effect This table presents the cross-sectional regression analyses between bank liquidity holdings and CEO incentives from 1992 to 201. 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- adjusted 2010 dollars. All regressions include firm and year dummies as control variables and standard errors were adjusted for heteroskedasticity and potential clustering of the residual at the firm level. The number of observations varies due to data availability. ***, **, and * represent 1%, 5%, and 10% significance levels, respectively. All banks Independent Variable 1992-2012 1992-2006 2007-2012 1992-2012 1992-2006 2007-2012 (1) (2) (3) (4) (5) (6) Constant 0.045 0.063 -0.025 0.029 0.040 -0.017 (2.19)** (2.49)** (-0.67) (1.39) (1.52) (-0.45) CashBonus i,t-1 0.002 0.002 0.004 0.001 0.001 0.003 (0.30) (0.22) (0.48) (0.23) (0.13) (0.33) EquityIncentive ($) i,t-1 -0.002 -0.007 0.003 (-0.40) (-1.01) (0.31) EquityRiskExposure ($) i,t-1 0.011 0.010 0.018 (2.20)** (1.58) (2.09)** EquityIncentive (%) i,t-1 0.017 0.021 0.002 (3.23)*** (3.24)*** (0.20) EquityRiskExposure (%) i,t-1 0.010 0.008 0.017 (1.92)* (1.29) (2.02)** LoanCommitment i,t-1 0.687 0.731 0.562 0.713 0.764 0.555 (19.81)*** (17.80)*** (9.11)*** (20.08)*** (18.23)*** (8.89)*** DepositBase i,t-1 1.515 1.632 1.049 1.549 1.680 1.059 (19.69)*** (17.98)*** (7.76)*** (19.54)*** (17.82)*** (7.83)*** LoanCommitment i,t-1 * DepositBase i,t-1 -5.786 -6.406 -3.636 -6.061 -6.760 -3.720 (-16.81)*** (-15.86)*** (-5.87)*** (-16.50)*** (-15.52)*** (-5.91)*** BankCapital i,t-1 -0.305 -0.339 -0.086 -0.281 -0.307 -0.103 (-3.66)*** (-3.60)*** (-0.46) (-3.28)*** (-3.18)*** (-0.54) Share of Deposit Financing i,t-1 -0.009 -0.029 0.063 -0.008 -0.026 0.057 (-0.37) (-1.06) (1.49) (-0.33) (-0.94) (1.33) BusinessCycle t-1 -0.145 -0.141 -0.875 -0.089 -0.054 -0.813 (-1.08) (-0.49) (-3.92)*** (-0.65) (-0.19) (-3.58)*** Fixed effect Yes Yes Yes Yes Yes Yes N 1,061 799 262 1,032 778 254 R-square 0.441 0.453 0.469 0.445 0.461 0.455 F test of excluded instruments (92.27)*** (72.62)*** (24.74)*** (91.01)*** (73.05)*** (22.64)***