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Two Essays On Ceo Inside Debt Holding In Relation To Firm Payout Policy And Financial Reporting, Asligul Erkan
Two Essays On Ceo Inside Debt Holding In Relation To Firm Payout Policy And Financial Reporting, Asligul Erkan
Finance Theses & Dissertations
This dissertation is a thorough examination of CEO inside debt holding, and consists of two essays. The first essay focuses on the relationship between CEO inside debt and firm payout policy. Previous studies document that higher CEO inside debt is associated with lower firm payout which is explained by CEO’s motivation to preserve cash either in order not to default on debt obligations or in order to keep cash available for his future pension benefits. This study investigates how do excess cash, overinvestment risk, and firm-specific information asymmetry affect this negative relationship, and examines net payout to shareholders as well …