文章基本信息

标题：Household Debt and Consumer Spending in Korea: Evidence from Household Data
本地全文：下载
作者：WOOJIN KIM ; DONG-RYUNG YANG
期刊名称：KDI Journal of Economic Policy
印刷版ISSN：2586-2995
电子版ISSN：2586-4130
出版年度：2016
卷号：38
期号：4
页码：1-21
DOI：10.23895/kdijep.2019.41.4.23
语种：English
出版社：Korea Development Institute
摘要：This paper documents how the net profit margin of private firms improves when the CEOs of the companies relocate their primary residence to be closer to the corporate headquarters.By reviewing 127 Korean non–public companies belonging to 66 private business groups,we find that the top managers move closer to the headquarters when the profitability of the firms has recently deteriorated.A one basis point decline in the margin causes CEOs to relocate their homes approximately two kilometers closer to their corporate headquarters. The profit margin rebounds after their relocation.This finding implies that physical proximity can serve as a proxy for personal commitment.
关键词：CEO;Corporate Governance;Geographic;Commitment