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.
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Showing 1 to 20 of 79 for “"Agency Costs"”.
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CEO succession processes and agency costs
In the 'passing the baton' succession process, the incumbent CEO/Chairman relinquishes the CEO title, but retains the Chairman title to facilitate monitoring the new CEO during a probationary period. The new CEO eventually wins the Chairman title if he is successful during the probationary period. …
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Earnings management, agency costs and corporate governance : evidence from Egypt
… earnings management and determining the agency costs level. In addition, this study attempts to enhance the understanding of a number of issues relating to ownership structure and corporate governance in an emerging country setting. The international corporate collapse and accounting …
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Agency costs of free cash flow : the South African experience
… and managers. This conflict derives from the agency relationship between shareholders and managers in that decisions taken by managers (as agents) affect the shareholders (as principals). The decisions of managers may not always be in the interest of shareholders. The interests of shareholders …
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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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Employee Ownership and Moral Hazard: How Broad-Based Equity Sharing Can Lower Agency Costs and Reduce Inequality
<p>Providing incentives to top managers by offering equity has become the norm; this practice, however, does not hold for all levels of employees. After tax incentives for employee ownership were introduced through the Employee Retirement Income Security Act of 1974, there has been little …
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Risk-Return Tradeoffs and Managerial incentives
… posits that managerial risk aversion imposes agency costs on shareholders, and firms respond by providing risk-taking incentives to mitigate these costs. The underlying assumption in this literature is that increasing shareholder value requires increasing risk, yet there is limited empirical …
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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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The determinants of the market reaction to an announcement of a change in auditor
… may change auditors in an attempt to control net agency costs. The objective of this dissertation is determine if the monitoring hypothesis is descriptive of the phenomenon of voluntary auditor change. The monitoring hypothesis posits that changes in net agency costs are related to the change in …
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Corporate governance and financial performance of Sri Lankan listed companies 2006-2010
… practices have on the financial performance and agency costs of multinational subsidiaries and local public companies in Sri Lanka. In particular, this study examines (i) the relationship between corporate governance mechanisms of Sri Lankan listed companies, financial performance, …
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Essays On Information Asymmetry In Equity Market
… economy is shown to be a decreasing function of agency costs. The paper uses a framework in which agency costs linked to entrepreneur net worth are related to the business cycle. It is shown that when business activity is high(low), agency costs from moral hazard are low(high). Then, our model …
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The impact of the global financial crisis and institutional settings on corporate financial decisions.
… channels. The credit recession causes more agency costs, bankruptcy costs and information asymmetry, which adversely influence both borrowing and investments. Firms reduce debt financing, retain more cash and cut corporate payouts due to a sharp rise in uncertainty. Moreover, the role of …
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Formulation of weighted disclosure indices and its application in evaluating accounting disclosure and financial performance of listed firms
… a multivariate regression analysis together with agency costs and economic value-added metric, to study listed firms on the Johannesburg Stock Exchange (JSE) and the Ghana Stock Exchange (GSE). This concept was motivated by the dearth of weighted disclosure indices in literature for measuring …
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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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Cost efficiency and capital structure in farms and cooperatives
… decisions. Finally, do cooperatives face agency costs? To answer this question, a variable cost model is estimated to examine the indirect costs of leverage. The first essay used data from Kansas farms to determine the effects of the use of debt on cost efficiency. A nonparametric cost …
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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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Market reaction to announcements of dividend increases : is it weakening with time?
… institutional investors reduce the potential for agency costs as these stakeholders monitor managers. In contrast, Jensen (1986) suggests that high cash flows make it easier for managers to spend on perquisites and empire building. Thus, the potential for agency costs increases. Therefore, paying …
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The corporate governance structure and corporate performance: empirical studies of China's listed real estate companies
… (3). the manager compensation and (4). the agency costs measured by asset utilization efficiency and manager discretionary expenses. The empirical studies cover three years (2000 to 2002). Here I classify the listed real estate companies into the subgroups of state owned enterprises (SOEs), …
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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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A search for firm characteristics that explain option-granting behaviour in South Africa
… and in so doing reduce the extent of agency costs. The lack of an accounting requirement to recognise share options as an expense has also been found to influence the firms' decision to grant share options depending on its financial reporting position. The firm's tax position has also …
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Institutional segmentation of equity markets: causes and consequences
… of stocks that cause high implementation or agency costs. Incorporating segmentation effects substantially improves both explained variance in IO and model parsimony (essentially requiring just one input: market capitalization). Our evidence clearly establishes a role for both implementation …
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