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

CEO Incentives and Bank Liquidity Management 314 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 0.301 0.162 0.921 0.411 0.132 1.083 (0.97) (3.26)*** (0.65) (1.32) (2.56)** (0.94) Bank Liquidity i,t-1 0.162 0.127 1.391 0.157 0.146 0.968 (0.59) (3.15)*** (0.75) (0.56) (3.49)*** (0.60) Share of Deposit Financing i,t-1 -0.183 0.061 -1.906 -0.215 0.065 -1.678 (-0.81) (1.67)* (-1.96)** (-0.93) (1.70)* (-1.93)* Loans i,t-1 -0.223 -0.05163 -0.716 -0.328 -0.0461 -0.763 (-1.46) (-2.16)** (-0.90) (-2.16)** (-1.88)* (-1.09) Bank size i,t-1 -0.004 -0.004 -0.020 -0.006 -0.002 -0.043 (-0.18) (-1.50) (-0.18) (-0.35) (-0.81) (-0.53) Non-interest income ratio i,t-1 0.086 -0.044 1.323 0.066 -0.040 1.230 (0.46) (-1.54) (1.37) (0.36) (-1.38) (1.39) Fixed effect Yes Yes Yes Yes Yes Yes N 324 252 72 335 252 83 Overidentification test, J -statistic (5.25) (29.10) (1.36) (4.72) (32.16) (0.90) Panel C: Non-S&P 1,500 banks Constant 0.450 0.077 1.342 0.372 0.103 0.958 (3.55)*** (2.00)** (2.51)** (2.80)*** (2.66)*** (1.94)* Bank Liquidity i,t-1 -0.009 0.075 0.470 0.084 0.047 0.511 (-0.07) (1.97)** (0.73) (0.64) (1.27) (0.96) Share of Deposit Financing i,t-1 -0.060 0.004 -0.353 -0.037 -0.003 -0.238 (-0.68) (0.15) (-0.85) (-0.41) (-0.11) (-0.64) Loans i,t-1 -0.215 0.016 -0.638 -0.272 0.012 -0.734 (-2.81)*** (0.70) (-1.88)* (-3.31)*** (0.50) (-2.23)** Bank size i,t-1 -0.005 0.004 -0.039 0.004 0.004 -0.008 (-0.79) (1.71)* (-1.34) (0.60) (1.99)** (-0.30) Non-interest income ratio i,t-1 -0.283 -0.030 -0.872 -0.302 -0.075 -0.695 (-2.99)*** (-1.04) (-2.30)** (-2.96)*** (-2.49)** (-1.93)* Fixed effect Yes Yes Yes Yes Yes Yes N 878 676 202 903 663 240 Overidentification test, J -statistic (2.649) (2.85) (1.59) (1.83) (2.25) (1.48)