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Credit Stimulus, Executive Ownership, and Firm Leverage

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dc.contributor.authorGete, Pedro
dc.contributor.authorChakraborti, Rajdeep
dc.contributor.authorDahiya, Sandeep
dc.contributor.authorGe, Lei
dc.contributor.funderMinisterio de Ciencia, InnovaciĂłn y Universidades
dc.contributor.funderAgencia Estatal de InvestigaciĂłn
dc.contributor.funderEuropean Regional Development Fund
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2024-10-23T16:04:30Z
dc.date.available2024-10-23T16:04:30Z
dc.date.issued2021-12-14
dc.description.abstractWe show that executive ownership is a significant driver of the demand for credit following credit expansion policies. Our focus on credit demand is in contrast to most studies that have focused on credit supply factors such as bank capital. Our identification exploits the large and unexpected Chinese credit expansion in 2008. This setting offers a unique advantage as in 2008 the Chinese government had almost complete control over the banking sector and it directed the banks to increase credit supply. Thus, in this setting, demand, rather than supply, largely drives the observed changes in firms’ borrowing. We provide extensive robustness tests to validate our results.
dc.description.peerreviewedyes
dc.description.statusPublished
dc.formatapplication/pdf
dc.identifier.citationRajdeep Chakraborti, Sandeep Dahiya, Lei Ge, Pedro Gete (2021) Credit Stimulus, Executive Ownership, and Firm Leverage. Management Science 68(10):7682-7700. https://doi.org/10.1287/mnsc.2021.4188
dc.identifier.doihttps://doi.org/10.1287/mnsc.2021.4188
dc.identifier.issn1526-5501
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3299
dc.issue.number10
dc.journal.titleManagement Science
dc.language.isoen
dc.page.final7700
dc.page.initial7682
dc.page.total18
dc.publisherINFORMS
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.projectIDPGC2018-101745-A-I00
dc.relation.schoolIE Business School
dc.rightsAttribution 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subject.keywordChina
dc.subject.keywordCredit Policies
dc.subject.keywordExecutive Ownership
dc.subject.keywordLeverage
dc.titleCredit Stimulus, Executive Ownership, and Firm Leverage
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/acceptedVersion
dc.volume.number68
dspace.entity.typePublication
relation.isAuthorOfPublication627e06b8-d61f-4611-96fe-15cf32670e9f
relation.isAuthorOfPublication.latestForDiscovery627e06b8-d61f-4611-96fe-15cf32670e9f
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