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CEO compensation and banks’ risk-taking during pre and post financial crisis periods

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Shah, Syed Zulfiqar Ali, Akbar, Saeed, Liu, Jai, Liu, Ziyu and Cao, Sichen (2017) CEO compensation and banks’ risk-taking during pre and post financial crisis periods. Research in International Business and Finance, 42 . pp. 1489-1503. doi:10.1016/j.ribaf.2017.07.089 ISSN 0275-5319.

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Official URL: https://doi.org/10.1016/j.ribaf.2017.07.089

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Abstract

This study examines the impact of CEO compensation on banks’ risk during both pre and post-financial crisis periods. Our results suggest a negative relationship between CEO bonuses and banks’ risk in the pre-financial crisis period. Similarly, restricted shares and options granted to CEOs in the post-financial crisis period also appear to decrease banks’ risk. In contrast, we observe a positive influence of the Troubled Asset Relief Program (TARP) on banks’ risk. Our results also show that the length of time to maturity of options influences banks’ risk-taking behavior. Our findings have useful implications for
formulating and regulating CEO compensation structure.

Item Type: Journal Article
Subjects: H Social Sciences > HF Commerce
Divisions: Faculty of Social Sciences > Warwick Business School > Accounting
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Compensation management., Global Financial Crisis, Corporations -- Finance., Chief executive officers -- Salaries, etc., Financial crises -- History -- 21st century.
Journal or Publication Title: Research in International Business and Finance
Publisher: Elsevier Inc.
ISSN: 0275-5319
Official Date: December 2017
Dates:
DateEvent
December 2017Published
8 July 2017Available
3 July 2017Accepted
Volume: 42
Page Range: pp. 1489-1503
DOI: 10.1016/j.ribaf.2017.07.089
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 10 July 2017
Date of first compliant Open Access: 1 February 2019

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