Level leverage decisions and manager characteristics

dc.contributor.authorCerejeira, João
dc.contributor.authorCarvalho, Margarita
dc.date.accessioned2021-04-27T15:57:27Z
dc.date.available2021-04-27T15:57:27Z
dc.date.issued2019
dc.description.abstractThis study assess how manager’s characteristics may influence leverage decisions. Using data from European banks, the results show that younger managers are risk-prone and less conservative in leverage decisions. Moreover, it is observed that for higher levels of leverage more experienced managers tend to increase leverage. This is also true for managers with a longer tenure as they may bring their personal preferences towards risk and in this sense they will be more able to increase leverage. However, this effect differs according to the level of leverage at the manager’s appointment date. The inclusion of the decision horizon seems to validate the idea that a short-term managerial horizon enhances the self-interested behaviour of the manager and this may be reflected on capital structure decisions.pt_PT
dc.identifier.citationCarvalho, M., & Cerejeira, J. (2019). Level leverage decisions and manager characteristics. NIPE Working Papers, 09/2019, 1-43, Universidade do Minho. Disponível no Repositório UPT, http://hdl.handle.net/11328/3478pt_PT
dc.identifier.urihttp://hdl.handle.net/1822/61679
dc.identifier.urihttp://hdl.handle.net/11328/3478
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)pt_PT
dc.relationFCTpt_PT
dc.rightsopen accesspt_PT
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectQuantile regressionpt_PT
dc.subjectBankspt_PT
dc.subjectCapital structurept_PT
dc.subjectManager’s characteristicspt_PT
dc.titleLevel leverage decisions and manager characteristicspt_PT
dc.typeworking paperpt_PT
degois.publication.firstPage1pt_PT
degois.publication.lastPage43pt_PT
degois.publication.volume9pt_PT
dspace.entity.typePublicationen
person.affiliation.nameREMIT – Research on Economics, Management and Information Technologies
person.familyNameCarvalho
person.givenNameMargarita
person.identifier.ciencia-id3F1A-44B3-2556
person.identifier.gsidfYurDsAAAAAJ
person.identifier.orcid0000-0002-1266-4088
person.identifier.ridAAV-3133-2021
relation.isAuthorOfPublication7823edb8-cdf5-41b4-8381-75bb0a18aceb
relation.isAuthorOfPublication.latestForDiscovery7823edb8-cdf5-41b4-8381-75bb0a18aceb

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