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CEO inside debt holdings and credit ratings

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  • Hasan, Mostafa Monzur
  • Hossain, Ashrafee
  • Hossain, Takdir

Abstract

In this paper we investigate the relationship between chief executive officer (CEO) inside debt holdings (pension benefits and deferred compensation) and long-term credit ratings. We provide evidence that firms with a higher level of inside debt holdings enjoy better credit ratings. Our results are robust to the use of alternative regression estimation and alternative measures of key variables. We employ instrumental variable–based two-stage least squares regression and instrumental variable regression estimation using heteroskedasticity-based instruments to mitigate the endogeneity concern. In addition, we employ propensity-matched sample and entropy balancing estimates to alleviate endogeneity concerns. Our cross-sectional analyses reveal that the relationship between CEO inside debt holdings and credit ratings is more pronounced in firms with a poor information environment, a weak monitoring mechanism, and powerful CEOs. Overall, findings from our study suggest that credit rating agencies evaluate CEO insider debt holdings positively in assessing the creditworthiness of a firm.

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  • Hasan, Mostafa Monzur & Hossain, Ashrafee & Hossain, Takdir, 2023. "CEO inside debt holdings and credit ratings," Journal of Contemporary Accounting and Economics, Elsevier, vol. 19(1).
    • Handle: RePEc:eee:jocaae:v:19:y:2023:i:1:s1815566922000327
    DOI: 10.1016/j.jcae.2022.100337
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    More about this item

    Keywords

    CEO inside debt; Executive compensation; Credit ratings;
    All these keywords.

    JEL classification:

    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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