作者：Bens, Daniel; Liao, Scott; Su, Barbara
作者单位：INSEAD Business School; University of Toronto; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We examine how regulatory restrictions on capital market activity affect the compensation contracting environment within firms. This study aims to expand our understanding of how financial market development affects firm risk-taking via management compensation designs. Specifically, taking advantage of the staggered implementation of the Interstate Banking and Branching Efficiency Act (IBBEA), which increases bank competition and loan geographical diversification, this study examines how borro...
