Forward Guidance and Corporate Lending

We suggest that forward guidance, via publicly committing the central bank to future actions and creating associated expectations, fundamentally affects bank lending decisions independently of other forms of monetary policy. To test this hypothesis, we build a forward guidance measure based on the language used in the Federal Open Market Committee meetings and match this measure with syndicated loans. Our results show that expansionary forward guidance decreases corporate loan spreads and that this effect is stronger for well-capitalized banks lending to riskier firms. Forward guidance also affects nonprice lending terms, such as covenants, performance pricing provisions, and the loan syndicate structure. Additionally, banks tend to initiate new lending relationships with lower spreads after forward guidance issuance.

Konsep Contingency serta Peranan Moderating dan Mediating Variable dalam FP

Contingency Theory merupakan teori yang mengadopsi pendekatan kontingensi untuk memahami dampak Strategic Orientation (SO) terhadap performa perusahaan dalam konteks Turbulensi Teknologi (TT) yang dinamis. Mendefiniskan Teknologi sebagai Variabel Moderasi menawarkan konsep teknologi yang holistik bagi nilai bisnis. Kemampuan teknologi meningkatkan harapan perusahaan untuk mencapai kinerja yang lebih baik. 4 variabel latent yang dapat digunakan untuk mengukur tingkat pengelolaan resiko yang terdiri dari risk taking behavior, firm performance, pricing capability, dan information technological turbulence. Mediating effect disini diartikan sebagai efek yang dihasilkan dari adanya Variabel mediator yang saling menghubungkan Independent variable dan Dependent Variabel. Tujuan Variabel mediator adalah menjelaskan hubungan antara IV dan DV. Variabel Mediator merupakan variable perantara atau penengah antara Independent variable (IV) dengan Dependent variable (DV) hal ini diperlukan sehingga antar variable bisa bekerja secara baik atau mediating effect dikatakan sukses.

Entrepreneurial Behavior dan Aspek-Aspek Pentingnya

Entrepreneuial Orientation / Orientasi Kewirausahaan sering disebut sebagai pembuatan strategi kewirausahaan, dan telah dicirikan sebagai atribut gaya manajemen yang mendukung perubahan dan mendukung kegiatan yang berkaitan dengan pemanfaatan berbagai bentuk inovasi, pengembangan produk / layanan baru dan penciptaan nilai pelanggan yang unggul. Dalam menjelaskan Open Innovation ada 4 variabel yang berperan . selain itu dalam risk governance juga ada 4 hal latent yang digunakan untuk mengukur tingkat pengelolaan resiko yang terdiri dari risk-taking behavior, firm performance, pricing capability, dan information technological turbulence

Syndicate Size and the Choice of Covenants in Debt Contracts

ABSTRACT I investigate whether and how syndicate size influences the type of covenants used in debt contracts. Prior theory and evidence suggest renegotiation considerations from coordination difficulties in large syndicates and intertemporal transfers due to relationship lending in small syndicates are factors in the design of covenants. I find that for large syndicates, borrowers and lenders avoid the use of flexibility-reducing covenants that are more likely to impact negatively on value-enhancing corporate policies in good states of the world. This effect becomes stronger when the borrower has fewer outside financing options. Additionally, I find contracts with large syndicates are more likely to have more covenant slack, include performance pricing provisions, have tailored capital expenditure covenants, and principally rely on covenants that are directly linked to the current performance of the borrower. Collectively, these results imply that syndicate size and related renegotiation considerations affect how accounting information is used in debt contracts. JEL Classifications: G32; G21; C78; L14.