Agency Costs
Agency costs of bail in
... The new financial regulation has been articulated to dampen moral hazard and to min- imise the chances of another financial crisis that could jeopardise again the integrity of the banking system. However in reality, the ...
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Removing moral hazard and agency costs in banks: beyond CoCo Bonds
... The convex payoffs for equityholders in a corporate structure results in agency costs and moral hazard problems. The implicit government guarantee for banks accentuates these. We believe that the Basel III ...
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Effect of Horizontal-Agency-Costs and Managerial Ownership on Monitoring Mechanisms
... and agency conflicts among shareholders due to the likelihood that it may be the first paper that combines the three dimensions of monitoring mechanisms (directorship, internal and external auditing) in ...
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Do audit committees reduce the agency costs of ownership structure?
... A major assumption in the previous hypotheses is that cash flow rights equate wholly to voting rights and the concepts of ownership and control are synonymous. However, in China, as in many other countries, a variety of ...
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Agency Costs and Strategic Speculation in the U S Stock Market
... We find that the liquidity of firms’ stocks improves following the state adoption of antitakeover provisions. This result is statistically and economically significant, as well as robust to a variety of alternative ...
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Agency Costs and Post Cross Border Acquisition Performance of Malaysian Acquirers
... by agency costs ...of agency costs factors on acquisition ...by agency costs of the acquirers where those with lower agency costs, characterized by higher ...
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Product market competition, efficiency and agency costs: an empirical analysis
... In this paper the focus is on whether an increase in product market competition had an impact on productivity levels and growth rates, whether it was positive or negative, and whether the increase in competition led to a ...
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The Impacts of Free Cash Flows and Agency Costs on Firm Performance
... the agency theory, free cash flows and agency costs had a negative impact on firm ...incur agency costs so as to inversely influence short-term operating cash flows, thus under- mining ...
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Internal Control, Double Agency Costs and Corporate Social Responsibility
... dual agency costs and ...of agency, that is, good internal control can effectively suppress the agency costs between managers and shareholders as well as major shareholders and minority ...
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Transfer Pricing, Agency Costs, and Financial Reporting Aggressiveness: An Empirical Study in Indonesia
... of agency costs on the aggressiveness of financial reporting had a coefficient value of ...that agency costs have a negative and significant effect on the aggressiveness of financial ...
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Agency Costs, Ownership, and Internal Governance Mechanisms: Evidence from Chinese Listed Companies
... and agency costs, on the other, focusing on the Chinese economy in recent ...standing agency conflicts characterizing these firms, and thereby enhancing corporate efficiency and ...
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The Relationship Between Social Responsibility and Investment-Cash Flow Sensitivity and the Role of Agency Costs
... in agency costs caused by free cash ...whether agency costs affect the relationship between social responsibility and investment-cash flow ...of agency costs on this ...
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Agency Costs and Investment Behaviour. ENEPRI Working Paper, No. 47, 3 February 2007
... Theoretical works on the credit channel e¤ect on aggregate economic varialbes in the last ten years has seen a proliferation of macroeconomic models. The common element in this litera- ture is that lending activity is ...
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Agency Costs, Charitable Trusts, and Corporate Control: Evidence from Hershey's Kiss-Off
... We have shown that the Hershey Trust’s principal asset, its stock in the Her- shey Company, was worth $850 million more (about 15 percent of the Trust’s 2002 value) on the open market than when in the hands of the ...
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Do Agency Costs Really Matter? A Non-linear Approach of Panel Data
... Berger, Ofek and Yermack (1997) found evidence that firms with entrenched CEOs tend to have lower levels of debt and boards with few outside directors. Excessive debt can be both positive and negative. It can act as a ...
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Agency Costs of Free Cash Flow and Bidders’ Long run Takeover Performance
... The agency costs of free cash flow hypothesis proposed by Jensen (1986) argues that when managers have more cash than is needed to fund all positive NPV projects ...
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Do Institutional Investors Aleviate Agency Costs in R&D Investment Decisions?
... to agency problems. Agency-based free cash flow theory predicts that institutional investors will encourage R&D investment in firms with good investment opportunities, but they will not encourage ...
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Does Corporate Governance Reduce Agency Costs in the Jordanian Industrial Companies?
... on agency cost or performance, and in addition most of the studies were done in developed markets or emerging markets, thus the strength of their results weren't adequately tested in non-developed countries like ...
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Institutional Investors, Payout Policy, and Agency Costs
... an agency-based theory which implies that higher payouts keep managers in the capital markets where monitoring costs are lower than those alternatively incurred by current ...reduce agency ...
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Agency Costs, Mispricing, and Ownership Structure
... an agency problem develops: the shareholder can divert resources from the operations for his own private benefit, but in doing so he bears the costs of ...the costs ex ...the agency ...
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