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題名 事前訴訟風險對銀行聯貸特性之影響
The Effect of Ex-ante Litigation Risk On Syndicated Loan Features
作者 蘇庭葦
貢獻者 詹凌菁
蘇庭葦
關鍵詞 事前訴訟風險
宗教規範
銀行聯貸
債務契約
Ex-ante litigation risk
Religious social norm
Syndicated loans
Debt contracting
日期 2016
上傳時間 20-Jul-2016 16:40:19 (UTC+8)
摘要 公司發生訴訟將影響其價值與財務狀況，亦影響未來償債能力。本研究係探討公司的事前訴訟風險(ex-ante litigation risk)是否影響銀行對其之貸款條件，進而探討宗教信仰是否降低銀行對於訴訟風險的敏感度。本研究發現，當公司面臨較高的事前訴訟風險時，銀行將要求較高的貸款利率，同時主貸銀行持有較高貸款比例且參與貸款的銀行數量較少。此外，由於宗教信仰能抑止管理階層的不道德行為及提昇財報品質，故本研究以公司總部所在地之信仰宗教人數比例作為衡量宗教的代理變數。實證結果發現，公司若位於宗教程度較高的地區，能降低事前訴訟風險對於銀行貸款條件的影響，進而獲得較低的貸款利率、較大的貸款金額，並增加參與貸款的銀行數量。
Lawsuits may deteriorate defendant firms’ financial position and lower their firms’ value. Moreover, it reduces the recovery rate in the event of default. This study examines whether banks price their borrowers’ ex-ante litigation risk in syndicated loan market and further investigates whether the relation between ex-ante litigation risk is conditioned on religiosity. The results suggest that banks tend to price in firms with higher ex-ante litigation risk by charging higher spread, and form more concentrated syndicate. In addition, strong religious social norm is seen as a mechanism to constrain managerial opportunism and improve financial reporting quality. Using the proportion of adherents where firms’ headquarters locate as a proxy for religious adherence, I find that the association between ex-ante litigation risk and syndicated loan features is alleviated. Firms with higher ex-ante litigation risk are associated with lower loan spreads, larger loan amounts and greater number of total lenders if borrowers are headquartered in areas with strong religious social norms.
參考文獻 Affleck-Graves, J.,Callahan, C. M., and Chipalkatti, N. (2002). Earnings predictability, information asymmetry, and market liquidity. Journal of Accounting Research, 40(3), 561-583.
Arena, M., and Julio, B. (2015). The Effects of Securities Class Action Litigation on Corporate Liquidity and Investment Policy. Journal of Financial and Quantitative Analysis, 50(1-2), 251-275.
Ball, R.,Bushman, R. M., and Vasvari, F. P. (2008). The debt-contracting value of accounting information and loan syndicate structure. Journal of Accounting Research, 46(2), 247-287.
Beatty, A.,Ramesh, K., and Weber, J. (2002). The importance of accounting changes in debt contracts: the cost of flexibility in covenant calculations. Journal of Accounting & Economics, 33(2), 205-227.
Bhagat, S.,Bizjak, J., and Coles, J. L. (1998). The shareholder wealth implications of corporate lawsuits. Financial Management, 27(4), 5-+.
Chan, A. L. C.,Hsieh, Y. T.,Lee, E., and Yueh, M. L. (2015). Does financial statement information affect cross-border lending by foreign banks in the syndicated loan market? Evidence from a natural experiment. Journal of Accounting and Public Policy, 34(5), 520-547.
Chen, H.,Huang, H. H.,Lobo, G. J., and Wang, C. (2014). Religiosity and the Cost of Debt. Journal of Banking & Finance.
Crabtree, A. D., and Maher, J. J. (2005). Earnings Predictability, Bond Ratings, and Bond Yields. Review of Quantitative Finance and Accounting, 25(3), 233-253.
Dahiya, S.,Saunders, A., and Srinivasan, A. (2003). Financial distress and bank lending relationships. Journal of Finance, 58(1), 375-399.
Dai, Z. L.,Jin, L., and Zhang, W. N. (2014). Executive Pay-Performance Sensitivity and Litigation. Contemporary Accounting Research, 31(1), 152-177.
Dehejia, R.,DeLeire, T., and Luttmer, E. F. P. (2007). Insuring consumption and happiness through religious organizations. Journal of Public Economics, 91(1–2), 259-279.
Dennis, S. A., and Mullineaux, D. J. (2000). Syndicated loans. Journal of Financial Intermediation, 9(4), 404-426.
Dyreng, S. D.,Mayew, W. J., and Williams, C. D. (2012). Religious Social Norms and Corporate Financial Reporting. Journal of Business Finance & Accounting, 39(7-8), 845-875.
Gande, A., and Lewis, C. M. (2009). Shareholder-Initiated Class Action Lawsuits: Shareholder Wealth Effects and Industry Spillovers. Journal of Financial and Quantitative Analysis, 44(4), 823-850.
Graham, J. R.,Li, S., and Qiu, J. P. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics, 89(1), 44-61.
Grullon, G.,Kanatas, G., and Weston, J. (2009). Religion and corporate (mis) behavior. Available at SSRN 1472118.
Hasan, I.,Park, J. C., and Wu, Q. (2012). The Impact of Earnings Predictability on Bank Loan Contracting. Journal of Business Finance & Accounting, 39(7-8), 1068-1101.
He, W., and Hu, M. (2016). Religion and bank loan terms. Journal of Banking & Finance, 64, 205-215.
Hilary, G., and Hui, K. W. (2009). Does religion matter in corporate decision making in America? Journal of Financial Economics, 93(3), 455-473.
Iannaccone, L. R. (1998). Introduction to the economics of religion (vol 36, pg 1494, 1998). Journal of Economic Literature, 36(4), 1941-1941.
Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319.
Kim, I., and Skinner, D. J. (2012). Measuring securities litigation risk. Journal of Accounting & Economics, 53(1-2), 290-310.
Kim, J.-B.,Tsui, J. S. L., and Yi, C. H. (2011). The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Review of Accounting Studies, 16(4), 779-811.
Layman, G. C., and Carmines, E. G. (1997). Cultural conflict in American politics: Religious traditionalism, postmaterialism, and US political behavior. Journal of Politics, 59(3), 751-777.
Lin, C.,Ma, Y.,Malatesta, P., and Xuan, Y. (2011). Ownership structure and the cost of corporate borrowing. Journal of Financial Economics, 100(1), 1-23.
Lin, H., and Paravisini, D. (2011). What`s bank reputation worth? The effect of fraud on financial contracts and investment. The Effect of Fraud on Financial Contracts and Investment (June 1, 2011).
Longenecker, J. G.,McKinney, J. A., and Moore, C. W. (2004). Religious intensity, evangelical Christianity, and business ethics: An empinical study. Journal of Business Ethics, 55(4), 373-386.
Lowry, M., and Shu, S. (2002). Litigation risk and IPO underpricing. Journal of Financial Economics, 65(3), 309-335.
McGuire, S. T.,Omer, T. C., and Sharp, N. Y. (2012). The Impact of Religion on Financial Reporting Irregularities. Accounting Review, 87(2), 645-673.
Miller, A. S., and Hoffmann, J. P. (1995). Risk and religion: An explanation of gender differences in religiosity. Journal for the Scientific Study of Religion, 63-75.
Noussair, C. N.,Trautmann, S. T.,van de Kuilen, G., and Vellekoop, N. (2013). Risk aversion and religion. Journal of Risk and Uncertainty, 47(2), 165-183.
Osoba, B. J. (2004). Risk, discounting, and religious choice: Evidence from panel data. University of Texas at El Paso Working Paper, 1(3.2).
Pirinsky, C., and Wang, Q. H. (2006). Does corporate headquarters location matter for stock returns ? Journal of Finance, 61(4), 1991-2015.
Shariff, A. F., and Norenzayan, A. (2007). God is watching you - Priming god concepts increases prosocial behavior in an anonymous economic game. Psychological Science, 18(9), 803-809.
Skinner, D. J. (1997). Earnings disclosures and stockholder lawsuits. Journal of Accounting & Economics, 23(3), 249-282.
Smith Jr, C. W., and Warner, J. B. (1979). On financial contracting: An analysis of bond covenants. Journal of Financial Economics, 7(2), 117-161.
Strahan, P. E. (1999). Borrower risk and the price and non-price terms of bank loans. FRB of New York staff report(90).
Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. Journal of Finance, 62(2), 629-668.
Sunstein, C. R. (1996). Social norms and social roles. Columbia law review, 96(4), 903-968.
Weaver, G. R., and Agle, B. R. (2002). Religiosity and ethical behavior in organizations: A symbolic interactionist perspective. Academy of Management Review, 27(1), 77-97.
Yuan, Q. B., and Zhang, Y. Y. (2015). Do Banks Price Litigation Risk in Debt Contracting? Evidence from Class Action Lawsuits. Journal of Business Finance & Accounting, 42(9-10), 1310-1340.
Zahn, G. C. (1970). The Commitment Dimension. Sociological Analysis, 31(4), 203-208.
Zhang, J. Y. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting & Economics, 45(1), 27-54.
描述 碩士
國立政治大學
會計學系
103353006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103353006
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 蘇庭葦zh_TW
dc.creator (作者) 蘇庭葦zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 20-Jul-2016 16:40:19 (UTC+8)-
dc.date.available 20-Jul-2016 16:40:19 (UTC+8)-
dc.date.issued (上傳時間) 20-Jul-2016 16:40:19 (UTC+8)-
dc.identifier (Other Identifiers) G0103353006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99294-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 103353006zh_TW
dc.description.abstract (摘要) 公司發生訴訟將影響其價值與財務狀況，亦影響未來償債能力。本研究係探討公司的事前訴訟風險(ex-ante litigation risk)是否影響銀行對其之貸款條件，進而探討宗教信仰是否降低銀行對於訴訟風險的敏感度。本研究發現，當公司面臨較高的事前訴訟風險時，銀行將要求較高的貸款利率，同時主貸銀行持有較高貸款比例且參與貸款的銀行數量較少。此外，由於宗教信仰能抑止管理階層的不道德行為及提昇財報品質，故本研究以公司總部所在地之信仰宗教人數比例作為衡量宗教的代理變數。實證結果發現，公司若位於宗教程度較高的地區，能降低事前訴訟風險對於銀行貸款條件的影響，進而獲得較低的貸款利率、較大的貸款金額，並增加參與貸款的銀行數量。zh_TW
dc.description.abstract (摘要) Lawsuits may deteriorate defendant firms’ financial position and lower their firms’ value. Moreover, it reduces the recovery rate in the event of default. This study examines whether banks price their borrowers’ ex-ante litigation risk in syndicated loan market and further investigates whether the relation between ex-ante litigation risk is conditioned on religiosity. The results suggest that banks tend to price in firms with higher ex-ante litigation risk by charging higher spread, and form more concentrated syndicate. In addition, strong religious social norm is seen as a mechanism to constrain managerial opportunism and improve financial reporting quality. Using the proportion of adherents where firms’ headquarters locate as a proxy for religious adherence, I find that the association between ex-ante litigation risk and syndicated loan features is alleviated. Firms with higher ex-ante litigation risk are associated with lower loan spreads, larger loan amounts and greater number of total lenders if borrowers are headquartered in areas with strong religious social norms.en_US
dc.description.tableofcontents 摘要 ii
Abstract iii
1. Introduction 1
2. Literature Review 4
2.1 Litigation Risk and Cost of Debt 4
2.2 Religiosity and Business Ethics 5
2.3 Information Asymmetry and Syndicate structure 8
3. Hypotheses Development 10
4. Data and Research Design 14
4.1 Sample Selection 14
4.2 Measuring ex-ante litigation risk 15
4.3 Measuring Religious Adherence 16
4.4 Methodology 18
5. Empirical Results 22
5.1 Descriptive Statistics 22
5.2 Test of Hypothesis H1 27
5.3 Test of Hypothesis H2 31
6. Conclusion and research limitation 38
References 39
Appendix A. Variable definition 43		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103353006en_US
dc.subject (關鍵詞) 事前訴訟風險zh_TW
dc.subject (關鍵詞) 宗教規範zh_TW
dc.subject (關鍵詞) 銀行聯貸zh_TW
dc.subject (關鍵詞) 債務契約zh_TW
dc.subject (關鍵詞) Ex-ante litigation risken_US
dc.subject (關鍵詞) Religious social normen_US
dc.subject (關鍵詞) Syndicated loansen_US
dc.subject (關鍵詞) Debt contractingen_US
dc.title (題名) 事前訴訟風險對銀行聯貸特性之影響zh_TW
dc.title (題名) The Effect of Ex-ante Litigation Risk On Syndicated Loan Featuresen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Affleck-Graves, J.,Callahan, C. M., and Chipalkatti, N. (2002). Earnings predictability, information asymmetry, and market liquidity. Journal of Accounting Research, 40(3), 561-583.
Arena, M., and Julio, B. (2015). The Effects of Securities Class Action Litigation on Corporate Liquidity and Investment Policy. Journal of Financial and Quantitative Analysis, 50(1-2), 251-275.
Ball, R.,Bushman, R. M., and Vasvari, F. P. (2008). The debt-contracting value of accounting information and loan syndicate structure. Journal of Accounting Research, 46(2), 247-287.
Beatty, A.,Ramesh, K., and Weber, J. (2002). The importance of accounting changes in debt contracts: the cost of flexibility in covenant calculations. Journal of Accounting & Economics, 33(2), 205-227.
Bhagat, S.,Bizjak, J., and Coles, J. L. (1998). The shareholder wealth implications of corporate lawsuits. Financial Management, 27(4), 5-+.
Chan, A. L. C.,Hsieh, Y. T.,Lee, E., and Yueh, M. L. (2015). Does financial statement information affect cross-border lending by foreign banks in the syndicated loan market? Evidence from a natural experiment. Journal of Accounting and Public Policy, 34(5), 520-547.
Chen, H.,Huang, H. H.,Lobo, G. J., and Wang, C. (2014). Religiosity and the Cost of Debt. Journal of Banking & Finance.
Crabtree, A. D., and Maher, J. J. (2005). Earnings Predictability, Bond Ratings, and Bond Yields. Review of Quantitative Finance and Accounting, 25(3), 233-253.
Dahiya, S.,Saunders, A., and Srinivasan, A. (2003). Financial distress and bank lending relationships. Journal of Finance, 58(1), 375-399.
Dai, Z. L.,Jin, L., and Zhang, W. N. (2014). Executive Pay-Performance Sensitivity and Litigation. Contemporary Accounting Research, 31(1), 152-177.
Dehejia, R.,DeLeire, T., and Luttmer, E. F. P. (2007). Insuring consumption and happiness through religious organizations. Journal of Public Economics, 91(1–2), 259-279.
Dennis, S. A., and Mullineaux, D. J. (2000). Syndicated loans. Journal of Financial Intermediation, 9(4), 404-426.
Dyreng, S. D.,Mayew, W. J., and Williams, C. D. (2012). Religious Social Norms and Corporate Financial Reporting. Journal of Business Finance & Accounting, 39(7-8), 845-875.
Gande, A., and Lewis, C. M. (2009). Shareholder-Initiated Class Action Lawsuits: Shareholder Wealth Effects and Industry Spillovers. Journal of Financial and Quantitative Analysis, 44(4), 823-850.
Graham, J. R.,Li, S., and Qiu, J. P. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics, 89(1), 44-61.
Grullon, G.,Kanatas, G., and Weston, J. (2009). Religion and corporate (mis) behavior. Available at SSRN 1472118.
Hasan, I.,Park, J. C., and Wu, Q. (2012). The Impact of Earnings Predictability on Bank Loan Contracting. Journal of Business Finance & Accounting, 39(7-8), 1068-1101.
He, W., and Hu, M. (2016). Religion and bank loan terms. Journal of Banking & Finance, 64, 205-215.
Hilary, G., and Hui, K. W. (2009). Does religion matter in corporate decision making in America? Journal of Financial Economics, 93(3), 455-473.
Iannaccone, L. R. (1998). Introduction to the economics of religion (vol 36, pg 1494, 1998). Journal of Economic Literature, 36(4), 1941-1941.
Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319.
Kim, I., and Skinner, D. J. (2012). Measuring securities litigation risk. Journal of Accounting & Economics, 53(1-2), 290-310.
Kim, J.-B.,Tsui, J. S. L., and Yi, C. H. (2011). The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Review of Accounting Studies, 16(4), 779-811.
Layman, G. C., and Carmines, E. G. (1997). Cultural conflict in American politics: Religious traditionalism, postmaterialism, and US political behavior. Journal of Politics, 59(3), 751-777.
Lin, C.,Ma, Y.,Malatesta, P., and Xuan, Y. (2011). Ownership structure and the cost of corporate borrowing. Journal of Financial Economics, 100(1), 1-23.
Lin, H., and Paravisini, D. (2011). What`s bank reputation worth? The effect of fraud on financial contracts and investment. The Effect of Fraud on Financial Contracts and Investment (June 1, 2011).
Longenecker, J. G.,McKinney, J. A., and Moore, C. W. (2004). Religious intensity, evangelical Christianity, and business ethics: An empinical study. Journal of Business Ethics, 55(4), 373-386.
Lowry, M., and Shu, S. (2002). Litigation risk and IPO underpricing. Journal of Financial Economics, 65(3), 309-335.
McGuire, S. T.,Omer, T. C., and Sharp, N. Y. (2012). The Impact of Religion on Financial Reporting Irregularities. Accounting Review, 87(2), 645-673.
Miller, A. S., and Hoffmann, J. P. (1995). Risk and religion: An explanation of gender differences in religiosity. Journal for the Scientific Study of Religion, 63-75.
Noussair, C. N.,Trautmann, S. T.,van de Kuilen, G., and Vellekoop, N. (2013). Risk aversion and religion. Journal of Risk and Uncertainty, 47(2), 165-183.
Osoba, B. J. (2004). Risk, discounting, and religious choice: Evidence from panel data. University of Texas at El Paso Working Paper, 1(3.2).
Pirinsky, C., and Wang, Q. H. (2006). Does corporate headquarters location matter for stock returns ? Journal of Finance, 61(4), 1991-2015.
Shariff, A. F., and Norenzayan, A. (2007). God is watching you - Priming god concepts increases prosocial behavior in an anonymous economic game. Psychological Science, 18(9), 803-809.
Skinner, D. J. (1997). Earnings disclosures and stockholder lawsuits. Journal of Accounting & Economics, 23(3), 249-282.
Smith Jr, C. W., and Warner, J. B. (1979). On financial contracting: An analysis of bond covenants. Journal of Financial Economics, 7(2), 117-161.
Strahan, P. E. (1999). Borrower risk and the price and non-price terms of bank loans. FRB of New York staff report(90).
Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. Journal of Finance, 62(2), 629-668.
Sunstein, C. R. (1996). Social norms and social roles. Columbia law review, 96(4), 903-968.
Weaver, G. R., and Agle, B. R. (2002). Religiosity and ethical behavior in organizations: A symbolic interactionist perspective. Academy of Management Review, 27(1), 77-97.
Yuan, Q. B., and Zhang, Y. Y. (2015). Do Banks Price Litigation Risk in Debt Contracting? Evidence from Class Action Lawsuits. Journal of Business Finance & Accounting, 42(9-10), 1310-1340.
Zahn, G. C. (1970). The Commitment Dimension. Sociological Analysis, 31(4), 203-208.
Zhang, J. Y. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting & Economics, 45(1), 27-54.		zh_TW