The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Agency Costs and Ownership Structure
Abstract
We provide measures of absolute and relative equity agency costs for corporations under different ownership and management structures. Our base case is Jensen and Meckling's (1976) zero agency‐cost firm, where the manager is the firm's sole shareholder. We utilize a sample of 1,708 small corporations from the FRB/NSSBF database and find that agency costs (i) are significantly higher when an outsider rather than an insider manages the firm; (ii) are inversely related to the manager's ownership share; (iii) increase with the number of nonmanager shareholders, and (iv) to a lesser extent, are lower with greater monitoring by banks.
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Citations
Cites
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
The effect of credit market competition on lending relationships
Petersen, M. A., & Rajan, R. G. (1995) · The Quarterly Journal of Economics · doi:10.2307/2118445 · Cited by 3,294
The importance of relationships to the availability of credit
Cole, R. A. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00007-7 · Cited by 849
Self-citation
Cited by
A review of archival auditing research
DeFond, M., & Zhang, J. (2014) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2014.09.002 · Cited by 3,188
Agency theory: Review of Theory and Evidence on Problems and Perspectives
Panda, B., & Leepsa, N. M. (2017) · Indian Journal of Corporate Governance · doi:10.1177/0974686217701467 · Cited by 732
Are US Industries Becoming More Concentrated?
Grullon, G., Larkin, Y., & Michaely, R. (2019) · Review of Finance · doi:10.1093/rof/rfz007 · Cited by 678
Large Shareholders and Corporate Policies
Cronqvist, H., & Fahlenbrach, R. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn093 · Cited by 451
Xing, C., Zhang, Y., & Tripe, D. (2021) · International Review of Financial Analysis · doi:10.1016/j.irfa.2021.101838 · Cited by 417
Metadata
- Authors
- Ang, J. S., Cole, R. A., & Lin, J. W.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2000-02
- Volume
- 55
- Issue
- 1
- Pages
- 81-106
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2007946665
- Cited by
- 2,500
- References
- 3
- FWCI
- 95.45
- Type
- journal article
- Language
- en
- Open access
- closed
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- Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency Costs and Ownership Structure. The Journal of Finance. https://doi.org/10.1111/0022-1082.00201
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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