Ownership structure and agency costs: An empirical study in China

被引：0
|
作者：
Han, LL [1 ]
Li, S [1 ]
机构：
[1] Shenyang Univ Technol, Sch Management, Liaoning, Peoples R China
来源：
MANAGEMENT SCIENCES AND GLOBAL STRATEGIES IN THE 21ST CENTURY, VOLS 1 AND 2 | 2004年
关键词：
ownership structure; agency costs; management expenses ratio; total assets turnover;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the relationship between ownership structure and agency costs based on a sample of 1080 listed firms from Shanghai Securities Exchange and Shenzhen. Securities Exchange in China. We use the concentration degree of ownership (CD5) and the restriction degree of ownership (RD5) as the reflection of ownership structure, and measure agency costs with the management expenses ratio (MER) and the total assets turnover (TAT). The paper finds that agency costs is negatively related to the concentration degree of ownership, and is positively related the restriction degree of ownership.
引用
收藏
页码：1094 / 1100
页数：7
相关论文
共 50 条
  • [1] Agency costs and ownership structure
    Ang, JS
    Cole, RA
    Lin, JW
    [J]. JOURNAL OF FINANCE, 2000, 55 (01): : 81 - 106
  • [2] An empirical study on the impact of non-tradable share reform on ownership structure and agency costs
    Huang, Jun
    He, Feng
    [J]. INTERNATIONAL JOURNAL OF SERVICES TECHNOLOGY AND MANAGEMENT, 2013, 19 (4-6) : 240 - 253
  • [3] Agency Costs, Mispricing, and Ownership Structure
    Chernenko, Sergey
    Foley, C. Fritz
    Greenwood, Robin
    [J]. FINANCIAL MANAGEMENT, 2012, 41 (04) : 885 - 914
  • [4] Agency cost and ownership structure - An empirical analysis of China's listed firms
    Yu, JX
    Cao, TQ
    [J]. Proceedings of the 2005 International Conference on Management Science & Engineering (12th), Vols 1- 3, 2005, : 1415 - 1418
  • [5] Agency costs, ownership structure and corporate governance mechanisms
    Singh, M
    Davidson, WN
    [J]. JOURNAL OF BANKING & FINANCE, 2003, 27 (05) : 793 - 816
  • [6] Do audit committees reduce the agency costs of ownership structure?
    Cai, Charlie X.
    Hillier, David
    Tian, Gaoliang
    Wu, Qinghua
    [J]. PACIFIC-BASIN FINANCE JOURNAL, 2015, 35 : 225 - 240
  • [7] THEORY OF FIRM - MANAGERIAL BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE
    JENSEN, MC
    MECKLING, WH
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 1976, 3 (04) : 305 - 360
  • [8] Ownership, governance mechanisms, and agency costs in China's listed firms
    Firth, Michael
    Fung, Peter M. Y.
    Rui, Oliver M.
    [J]. JOURNAL OF ASSET MANAGEMENT, 2008, 9 (02) : 90 - 101
  • [9] Ownership, governance mechanisms, and agency costs in China’s listed firms
    Michael Firth
    Peter M Y Fung
    Oliver M Rui
    [J]. Journal of Asset Management, 2008, 9 (2) : 90 - 101
  • [10] The Value of Trading Rights, Agency Costs and Ownership Structure: Evidence from the Nontradable Shares Reform in China
    Wang Wen-ning
    [J]. 2013 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE AND ENGINEERING (ICMSE), 2013, : 1591 - 1603
12345