دانلود رایگان مقاله انگلیسی مرکزیت شبکه مدیرعامل و رتبه بندی اوراق قرضه - الزویر 2018

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رایگان

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عنوان فارسی

مرکزیت شبکه مدیرعامل و رتبه بندی اوراق قرضه

عنوان انگلیسی

CEO network centrality and bond ratings

صفحات مقاله فارسی

0

صفحات مقاله انگلیسی

19

سال انتشار

2018

نشریه

الزویر - Elsevier

فرمت مقاله انگلیسی

PDF

نوع مقاله

ISI

نوع نگارش

مقالات پژوهشی (تحقیقاتی)

رفرنس

دارد

پایگاه

اسکوپوس

کد محصول

E10835

رشته های مرتبط با این مقاله

مدیریت، اقتصاد

گرایش های مرتبط با این مقاله

مدیریت اجرایی، اقتصاد مالی

مجله

پیشرفت در حسابداری - Advances in Accounting

دانشگاه

Jon M. Huntsman School of Business - Utah State University - United States

کلمات کلیدی

CEO network centrality

doi یا شناسه دیجیتال

https://doi.org/10.1016/j.adiac.2017.12.003

برای سفارش ترجمه این مقاله با کیفیت عالی و در کوتاه ترین زمان ممکن توسط مترجمین مجرب سایت ایران عرضه؛ روی دکمه سبز رنگ کلیک نمایید.

۰.۰ (بدون امتیاز)

امتیاز دهید

چکیده

ABSTRACT

This study examines the impact of Chief Executive Officer (CEO) network centrality on bond ratings at the firm level. Using multiple dimensions of social connectedness, we find a significant positive relation between CEO network centrality and bond ratings, suggesting that firms with better connected CEOs are more likely to receive high bond ratings. Our results still hold after a battery of additional tests. We also find that firms with better connected CEOs experience lower cost of debt. Overall, our study supports the notion in social science research that well-connected individuals can bring benefits to their firms.

نتیجه گیری

Conclusion

In this paper, we examine the impact of CEO network centrality on bond credit ratings at the firm level. Relying on five network centrality measures that have been used extensively in accounting and finance literature, we find a significant positive relation between CEO network centrality and bond ratings, suggesting that firms with better connected CEOs receive higher bond ratings. We also find that firms with better connected CEOs experience lower cost of debt, measured as bond yields. Our findings are consistent with the notion in social science that well-connected CEOs may lead to positive outcomes and bring benefits to their firms. This study joins the debate on whether having well-connected CEOs is beneficial or detrimental to an organization. Our findings have meaningful implications to different stakeholder groups including shareholders, managers, and academic researchers. For example, our results may encourage managers to become more socially connected in their networks. Additionally, consistent with prior research, we assume that positions in any social network are unequal, creating a hierarchical network or order in social relationships among individuals.

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