Influence of Corporate Governance and Capital Structure Indexes on Agency Cost
Abstract:
This investigate examines the effects of governance and ownership variables on the agency costs. In this study, 74 firms were selected as a statistical sample from 16 different industry groups during 1383-87 that totally created 356 year firm. Here, we have investigated stimulant duality Chief Executive Officer and the membership of board, the board tenure, non-executive director's ratio on the board, and institutional owners as research assumptions.For testing research assumptions from multivariate regression and Tobit, it is benefited by using panel data in the 5 year period. To determine effect of agency cost, we choose two variables: 1) net sale to total asset: we used multivariate regression and due to applying incorporated data, to eliminate variance inconsistency, we used the EGLS method. 2) Q-Tobin multiple by free cash flow: in which Q is the firms tobin that they will accept virtually 0 and 1 numbers we conducted Tobit regression by estimating maximum likelihoodFindings corroborate the presence of positive and significantly relationship between the ratio variables non-executive directors on the board and the board tenure and the significantly and negative relationship between institutional owner's variable and the agency cost. But there was no significant relation between duality Chief Executive Officer and the membership of board.
Language:
Persian
Published:
Accounting Research, Volume:4 Issue: 14, 2012
Page:
82
magiran.com/p1047864  
دانلود و مطالعه متن این مقاله با یکی از روشهای زیر امکان پذیر است:
اشتراک شخصی
با عضویت و پرداخت آنلاین حق اشتراک یک‌ساله به مبلغ 990,000ريال می‌توانید 70 عنوان مطلب دانلود کنید!
اشتراک سازمانی
به کتابخانه دانشگاه یا محل کار خود پیشنهاد کنید تا اشتراک سازمانی این پایگاه را برای دسترسی نامحدود همه کاربران به متن مطالب تهیه نمایند!
توجه!
  • حق عضویت دریافتی صرف حمایت از نشریات عضو و نگهداری، تکمیل و توسعه مگیران می‌شود.
  • پرداخت حق اشتراک و دانلود مقالات اجازه بازنشر آن در سایر رسانه‌های چاپی و دیجیتال را به کاربر نمی‌دهد.
دسترسی سراسری کاربران دانشگاه پیام نور!
اعضای هیئت علمی و دانشجویان دانشگاه پیام نور در سراسر کشور، در صورت ثبت نام با ایمیل دانشگاهی، تا پایان فروردین ماه 1403 به مقالات سایت دسترسی خواهند داشت!
In order to view content subscription is required

Personal subscription
Subscribe magiran.com for 50 € euros via PayPal and download 70 articles during a year.
Organization subscription
Please contact us to subscribe your university or library for unlimited access!