Title page for etd-0702118-173215


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URN etd-0702118-173215
Author Wei-Kuang Chang
Author's Email Address vegen763@gmail.com
Statistics This thesis had been viewed 5352 times. Download 29 times.
Department Finance
Year 2017
Semester 2
Degree Master
Type of Document
Language English
Title How Does Managerial Ability Influence the Firms’ Debt Maturity?
Date of Defense 2018-05-11
Page Count 45
Keyword
  • Managerial ability
  • financial constraints
  • default risk
  • recession
  • firm performance
  • debt maturity
  • Abstract This study examines the relationship between managerial ability and firms’ debt maturity by adopting MA-score (Demerjian et al., 2012) and book-value weighted numerical estimation of debt maturity in U.S. from 1983 to 2015. Firms with higher managerial ability have shorter maturity of debts, among financial constrained firms in particular. Additionally, managerial ability helps mitigate the impact on debt maturity during recession period. At last, preference for risk-taking activities namely along with higher risk emerges due to higher managerial ability and this contributes to better firm performance. Overall, the results imply that managers transfer wealth from creditors to shareholders through riskier behavior, which forces creditors to supervise firms with higher managerial ability more frequently by means of shortening maturity of debts.
    Advisory Committee
  • Yi-Chung Hsu - chair
  • Ting-Hsuan Chen - co-chair
  • Chih-Wei Wang - advisor
  • Files
  • etd-0702118-173215.pdf
  • indicate access worldwide
    Date of Submission 2018-08-02

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