| Journal: | BAR - Brazilian Administration Review |
| Database: | CLASE |
| System number: | 000507161 |
| ISSN: | 1807-7692 |
| Authors: | Muñoz Mendoza, Jorge Andrés1 Yelpo, Sandra María Sepúlveda1 Ramos, Carmen Lissette Veloso1 Fuentealba, Carlos Leandro Delgado2 |
| Institutions: | 1Universidad de Concepción, Los Angeles, Biobío. Chile 2Universidad de Concepción, Concepción, Bío-Bío. Chile |
| Year: | 2021 |
| Volumen: | 18 |
| Number: | 1 |
| Country: | Brasil |
| Language: | Inglés |
| Document type: | Artículo |
| Approach: | Analítico, descriptivo |
| English abstract | We analyzed the effect of managerial ownership, leverage, and managerial discretion on the agency costs of 14,719 Chilean companies. The results of the instrumental variables (IV) regressions indicate that managerial ownership and capital structure have a negative and non-linear effect on agency costs. Managerial ownership concentration is an effective means of internal control over agency costs, discarding the managerial entrenchment effect. The non-linear impact of debt suggests that for high leverage levels, agency costs would increase due to higher bankruptcy costs. Managerial discretion reduces agency costs; however, in firms with low growth opportunities, it increases them. These results have relevant implications for firms’ corporate policy and investors |
| Disciplines: | Administración y contaduría |
| Keyword: | Administración de instituciones, Costos, Supervisión, Oportunidades de crecimiento |
| Keyword: | Management of institutions, Agency costs, Managerial discretion, Monitoring, Growth opportunities |
| Full text: | https://biblat.unam.mx/hevila/BARBrazilianadministrationreview/2021/vol18/no1/2.pdf Texto completo (Ver HTML) Texto completo (Ver PDF) |
