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

CEO Incentives and Bank Liquidity Management 310 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 0.030 0.018 0.091 0.034 0.013 0.100 (3.15)*** (4.60)*** (2.61)*** (3.26)*** (3.33)*** (3.22)*** Bank Liquidity i,t-1 0.010 0.012 0.031 0.010 0.013 0.009 (1.22) (3.65)*** (0.67) (1.04) (3.96)*** (0.22) Share of Deposit Financing i,t-1 -0.005 0.0003 -0.049 -0.007 0.002 -0.052 (-0.69) (0.11) (-2.07)** (-0.86) (0.82) (-2.24)** Loans i,t-1 -0.011 0.00001 -0.051 -0.018 0.0004 -0.065 (-2.44)*** (0.01) (-2.61)*** (-3.57)*** (0.20) (-3.44)*** Bank size i,t-1 -0.001 -0.0004 -0.002 -0.0005 -0.00003 -0.002 (-0.87) (-1.57) (-0.79) (-0.73) (-0.15) (-0.88) Non-interest income ratio i,t-1 -0.014 -0.009 -0.023 -0.015 -0.008 -0.020 (-2.57)*** (-4.06)*** (-0.99) (-2.36)** (-3.85)*** (-0.85) Fixed effect Yes Yes Yes Yes Yes Yes N 324 252 72 335 252 83 Overidentification test, J -statistic (17.64) (49.99) (2.31) (17.22) (53.30) (0.69) Panel C: Non-S&P 1,500 banks Constant 0.023 0.006 0.057 0.021 0.010 0.044 (4.80)*** (1.97)** (3.56)*** (4.18)*** (3.40)*** (2.71)*** Bank Liquidity i,t-1 -0.001 0.007 0.008 0.004 0.004 0.018 (-0.26) (2.13)** (0.42) (0.83) (1.44) (1.06) Share of Deposit Financing i,t-1 -0.003 0.001 -0.016 -0.001 0.001 -0.013 (-0.79) (0.32) (-1.30) (-0.37) (0.33) (-1.09) Loans i,t-1 -0.009 0.004 -0.032 -0.013 0.002 -0.036 (-3.14)*** (2.10)** (-3.14)*** (-4.21)*** (1.02) (-3.33)*** Bank size i,t-1 0.00003 0.0003 -0.001 0.0004 0.0003 0.00002 (0.12) (1.52) (-0.99) (1.53) (2.00)** (0.02) Non-interest income ratio i,t-1 -0.015 -0.004 -0.034 -0.018 -0.010 -0.026 (-4.11)*** (-1.87)* (-3.03)*** (-4.55)*** (-4.33)*** (-2.22)** Fixed effect Yes Yes Yes Yes Yes Yes N 878 676 202 903 663 240 Overidentification test, J -statistic (6.610) (2.26) (11.73) (5.37) (3.22) (9.56)