組織資本及銀行貸款之研究-管理者能力之角色探討

This study investigates the impact of organization capital on the bank loan contracts, using the data of the U.S. listed companies (1985-2016). This study explores the impact of organizational capital through the different variables related to bank loan contracts. Among them, bank loan variables include bank loan spread, loan maturity date, security, number of general contracts, and number of financial contracts. This study shows that a higher organization capital is associated with lower bank loan spread, security, and general covenants. Further robustness checks support these empirical results. We also confirm that higher organization capitals can reduce bank loan spreads when firms have better managerial abilities.