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Journal of the Korean Data & Information Science Society = 한국데이터정보과학회지 v.21 no.2, 2010년, pp.327 - 333  
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The significance of proxies for agency costs under different governance approaches

Shin, Yang-Gyu    (Department of Asset Management, Daegu Haany University   ); Reddy, Krishna    (Department of Finance, Faculty of Management, University of Waikato  );
  • 초록

    This study examines the impact different proxies of agency costs have on companies under different governance approaches. The two specific proxies of agency costs used include: (i) the ratio of operating expenses to annual sales; and (ii) the ratio of annual sales to total assets. Our study is based on earlier works of Ang et al. (2000) and Fleming et al. (2005). A comparison of results for small unlisted companies both in US and Australia indicate that agency cost measures have statistically: (1) different result under rule-based governance mechanisms; and (2) the same results under principle-based governance mechanisms. Our findings support the view that the effectiveness different measures of agency cost is dependent on country specific governance facto as well as on the governance approaches adopted. Our results offer insights to both practitioners and policy makers regarding the usefulness of different proxies of agency costs when companies adopt principle-based corporate governance approaches versus rule-based approaches.


  • 주제어

    Agency costs .   company .   governance mechanism .   proxy.  

  • 참고문헌 (12)

    1. Ang, J. S., Cole, R. A. and Lin, J. W. (2000). Agency costs and ownership structure. The Journal of Finance, LV (1), 81-106. 
    2. Core, J. E., Holthausen, R. W. and Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51, 371-406. 
    3. Craswell, A. T., Taylor, S. L. and Saywell, R. A. (1997). Ownership structure and corporate performance: Australian evidence. Pacific-Basin Finance Journal, 5, 301-323. 
    4. Doidge, C., Karolyi, G. A. and Stulz, R. M. (2004). Why do countries matter so much for corporate governance. European Corporate Governance Institute, Finance Paper Series No. 50/2004, Retrieved 27 February 2007. 
    5. Fleming, J., Heaney, R. and McCosker, R. (2005). Agency costs and ownership structure in Australia. Pacific-Basin Finance Journal, 13, 29-52. 
    6. Jensen, M. C. and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3, 305-360. 
    7. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58, 3-27. 
    8. McKnight, P. J. and Weir, C. (2009). Agency costs, corporate governance mechanisms and ownership structure in large UK quoted companies; A panel data analysis. The Quarterly Review of Economics and Finance, 49, 139-158. 
    9. Shleifer, A. and Vishny, R. W. (1989). Management entrenchment: The case of manager-specific investments. Journal of Financial Economics, 25, 123-139. 
    10. Watts, R. L. and Zimmerman, J. L. (1990). Positive accounting theory: A ten year perspective. Accounting Review, 65, 131-156. 
    11. Dewenter, K. L. and Warther, V. A. (1998). Dividends, asymmetric information, and agency con icts: Evidence from a comparison of the dividend policies of Japanese and USA firms. Journal of Finance, 53, 879-904. 
    12. Singh, M. and Davidson III, W. N. (2003). Agency cists, ownership structure and corporate governance mechanisms. Journal of Banking & Finance, 27, 793-816. 

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