Impact of board size and ownership concentration on agency costs: evidence for Croatian companies

M. Čalopa, Ivana Đunđek Kokotec, Karolina Kokot
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引用次数: 2

Abstract

The main objective of this research paper is to examine the impact of board size and ownership concentration, representing corporate governance mechanisms, on agency costs in large Croatian companies. Furthermore, debt financing and firm growth are examined because those variables also have impact on agency costs. Agency theory defines a framework for the potential issue of the separation of ownership and management as well as for the conflict between stakeholders (principals) and managers (agents). The most significant principal-agent problems are agency costs, but they do not have a directly quantifiable value; hence, in this research paper, the asset turnover ratio is used as the approximation. Therefore, this research will empirically test the significance of the impact of board size, ownership concentration, debt financing and firm growth on agency cost in the observed period from 2014 to 2018 using panel data analysis. This research was conducted with large Croatian companies using data and information from official annual accounts primarily to ensure objectivity, standardization and comparability. Specifically, the analysis was conducted on 219 companies operating in two main categories of economic activity: Manufacturing (C) and Wholesale and retail trade (G). The results indicate that board size has a significant but negative impact on agency costs. The results also indicate that debt and growth have a significant and negative impact on agency costs. Ownership concentration was not found to have significant impact.
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董事会规模和股权集中度对代理成本的影响:克罗地亚公司的证据
本研究论文的主要目的是研究董事会规模和所有权集中度的影响,代表公司治理机制,对大型克罗地亚公司的代理成本。此外,债务融资和企业成长进行了审查,因为这些变量也有影响代理成本。代理理论为所有权和经营权分离的潜在问题以及利益相关者(委托人)和管理者(代理人)之间的冲突定义了一个框架。最重要的委托代理问题是代理成本,但它们没有直接量化的价值;因此,本文采用资产周转率作为近似值。因此,本研究将采用面板数据分析方法,实证检验2014 - 2018年观察期内董事会规模、股权集中度、债务融资和企业成长对代理成本影响的显著性。这项研究是与克罗地亚的大型公司进行的,使用官方年度账目的数据和资料,主要是为了确保客观性、标准化和可比性。具体来说,我们对219家从事两大类经济活动的公司进行了分析:制造业(C)和批发零售业(G)。结果表明,董事会规模对代理成本有显著的负面影响。结果还表明,债务和增长对代理成本有显著的负向影响。股权集中度没有显著影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.90
自引率
8.30%
发文量
10
审稿时长
16 weeks
期刊最新文献
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