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Funkcja kontrolna rady nadzorczej a redukcja kosztów agencji

100%
Bohdanowicz L.
Zarządzanie i Finanse
|
2012
|
vol. 4
|
issue 1
53-68
EN
The main aim of the paper was the presentation of the results on the influence of supervisory boards on agency costs reduction in Polish listed companies. The research examines agency theory and helps to evaluate two-tier board model. The sample consisted of 520 observations on 266 non-financial companies listed on the Warsaw Stock Exchange. I had conducted panel data analysis and supported the hypotheses that board structure i.e. percentage of supervisory (non-executive) board members in comparison to management (executive) board members positively affects agency costs reduction measured as selling, general and administrative expense ratio and board size negatively affects agency costs reduction.
2

Agency Costs and the Firm's Optimum Capital Structure Under Separation between Ownership and Management

100%
Rychlowska-Musial E.
Ekonomista
|
2008
|
issue 4
499-520
EN
The article analyses relations that take place between the owner (inclusive of shareholders) of the firm and its management. This problem is known and well described in the literature of the subject, but attempts to measure the agency costs in real firms are quite rare and most frequently are conducted indirectly. We propose a new method of assessing agency costs, indicating that they depend on three main determinants: attitude of decision makers towards debt financing, dividend disbursement policy and the length of time horizon taken into account. Theoretical appraisals are supplemented by simulations that are based on the empirical data. The results show that there are two factors that have the decisive influence on the reduction of agency costs, namely the long term managerial contracts and the high financial leverage.
3

CAPITAL STRUCTURE AND FIRM PERFORMANCE: THE CASE OF CENTRAL AND EASTERN EUROPEAN ECONOMIES

75%
Brendea G., Pop F., Mihalca L.
Ekonomický časopis (Journal of Economics)
|
2022
|
vol. 70
|
issue 5
430 – 449
EN
The current study examines the relationship between capital structure and firm performance for a sample of non-financial firms from eight Central and Eastern European countries in the period 2008 – 2017. Based on the agency costs hypothesis, we investigate whether debt ratio as a proxy for capital structure has a positive relationship with firm performance for the countries included in the sample. The results indicate a negative relationship between these variables and, thus, they did not support the agency costs hypothesis. In addition, we test the reverse causality from performance to capital structure based on two opposite hypotheses, that is, the efficiency-risk and the franchise-value hypo-thesis. The results support the franchise-value hypothesis, indicating a negative relationship between debt ratio and firm performance.
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