Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
Results
Showing 1 to 20 of 41 for “"Agency Cost"”.
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The agency cost of financial decision making: an empirical analysis
… in the firm and leverage ratio to minimize agency costs. Easterbrook [1984] and Rozeff [1982] extended this notion with the hypothesis that dividends are paid to reduce equity agency costs. Myers [1977] explained debt agency costs as being a possible underinvestment problem with risky debt, …
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Agency theory: a model of investor equilibrium and a test of an agency cost rationale for convertible bond financing
… assets is being studied under the heading of "agency theory." The primary purposes of the research done in this study were to: (1) economically model the individual investor's consumption-investment decision as it is modified by the agency problem, and (2) to econometrically model the firm's …
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On the Analysis of Firm Value and Idiosyncratic Volatility
… in firm value and volatility: valuation of agency cost, valuation of the underpricing in IPOs and the idiosyncratic volatility of public firms. In Chapter 1, I briefly introduce three topics studied in my dissertation. In addition, I summarized the stochastic frontier model which is employed …
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Industry characteristics, agency theory, and the interaction of capital structure and dividend policy
The literature on agency theory has generally modelled and tested the firm’s dividend and capital structure decisions separately. In this dissertation, a model is developed based on agency cost considerations and dividends as a means of controlling equity agency costs, which simultaneously …
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An empirical study of unit IPOS in the UK: why do firms include warrants in initial public offerings?
… firms are smaller, riskier, with higher level of agency costs and higher levels of information asymmetry than share-only firms and unit IPOs are underwritten by less reputable underwriters. The initial return results provide strong support to the Agency Cost hypothesis that unit IPOs is …
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Managerial Risk-Taking and Secured Debt: Evidence from REITS
… to finance risky projects. On the other hand, ?Cost contracting hypothesis? implies that the positive relation is driven by the fact that shareholders try to raise secured debt ratio to compensate creditors due to the increasing managerial risk-taking incentives. These two hypotheses have …
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Three Essays on Investment Cashflow Sensitivities and Workforce Dynamics in UK Small and Medium Enterprises (SMEs)
… with the interplay of cashflow uncertainty, agency cost, and financing constraints. It comprises three research essays that conduct an empirical investigation of UK SMEs from 2007 to 2021 using panel data estimation techniques. The first essay reveals the sensitivity of abnormal investments …
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Three Essays in Applied Time Series Econometrics
… markets in U.S., by estimating an index of agency cost pertaining to U.S. manufacturing firms. The cyclical behavior of the unobservable agency cost is derived by a novel application of the Kalman filter within a Bayesian framework, using firm level data from 1984-2006. The preliminary …
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International Evidence on Product Market Competition and Firm Value
… research suggests competition reduces agency costs, but also reduces profitability. I examine the relation between product market competition and firm value in an international setting, focusing on how the relation varies with firm- and country-specific characteristics. I document lower …
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Dynamic Analysis of the impact of Capital Structure on Firm Performance in Nigeria
… in support of the theoretical prediction of the agency cost theory of capital structure. The stuudy observed that there are limited empirical studies on the franchise value and efficiency-risk hypotheses of reverse causality from performance to capital structure.The empirical literatures on …
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Pavement management analysis of Hamilton County using HDM-4 and HPMA
… estimate fuel consumption; calculate road agency costs and user costs; determine cost-effective maintenance treatment; and suggest optimum utilization of funds. From this study, fuel consumption is higher at peak hours due to reduced traffic speeds. User cost is higher on the state route …
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An examination of tax and agency costs rationales for long-term leasing
The focus of this dissertation is on tax and agency costs rationales for the use of long term leases. While much attention has been given to the valuation effects of debt and equity financing, the literature is surprisingly scant on the valuation effects of lease financing. This research develops a …
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Pengaruh kebijakan dividen, struktur kepemilikan, profitabilitas, dan pertumbuhan perusahaan terhadap kebijakan hutang perusahaan non keuangan di LQ45
… untuk mengelola perusahaan yang akan memunculkan agency cost yang tidak sedikit. Perbedaan kepentingan antara pemilik perusahaan dan pihak manajerial akan menimbulkan agency conflict yang akan berpengaruh pada pengambilan keputusan, salah satunya adalah keputusan untuk menggunakan hutang. …
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Optimized scheduling of highway work zones
… maintenance work, and minimize the total project cost (i.e., agency cost and road user cost) by optimizing work zone schedules. This dissertation focuses on the maintenance projects on multiple-lane highways. The objective total cost function is formulated while considering a discrete maintenance …
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Substantial Maintenance Practices for Bridges on the Kansas State Highway System
… and reductions in funding. This will require the agency to maintain and operate its existing infrastructure as efficiently as possible. This is particularly true in regard to its inventory of bridges. This project examines KDOT's practices for substantial maintenance of bridges in its inventory …
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Essays in corporate finance and investments
… trade off the benefit of risk-shifting with the cost of financial constraints. Therefore risk-shifting is avoided ex post for highly constrained firms because the cost outweighs the benefit. In fact, both the risk-shifting incentive and the agency cost of risk-shifting are monotonically …
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The impact of ESG ratings on financial distress : a study of the aviation industry
… the study distinguishes between low-cost and full-service airlines, acknowledging potential variations in their business models. The sample comprises of 45 airlines all over the world for the time period of 2009 through 2021. The empirical evidence shows that the ESG score has a …
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An empirical analysis of the choice among issuing straight debt, equity, and equity-linked debt securities
… light of hypotheses that the securities reduce agency costs to the firm. The evidence is generally inconsistent with the agency cost reduction hypothesis. This study presents the first information about the valuation consequences of unit issuances and factors that may be related to the decision …
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Financial Performance, Governance Characteristics and CEO Compensation: Evidence from the UK and Nigerian Banks
… in Nigerian banks and as such is consistent with agency theory but that it has no impact on accounting performance in UK banks. Fixed effects and GMM were adopted to address endogeneity and the signs of the coefficients remained the same. Overall, it finds that in line with previous literature, …
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