The determinants of equity agency conflicts between managers and shareholders: evidence from Australia

T.T. Truong, Richard Heaney

Research output: Contribution to journalArticlepeer-review

11 Citations (Scopus)
202 Downloads (Pure)

Abstract

We analyse the determinants of equity agency costs for the top 500 Australian listed firms. Data are collected over four one-year periods (2004, 2005, 2010 and 2011) and analysed using both pooled OLS regression and two stage least squares regression within a random effects panel data model. Analysis covers the full four-year period, the pre global financial crisis (GFC) sub-period (2004 and 2005) and the post GFC sub-period (2010 and 2011). Shareholding, board characteristics and debt financing are found to have an impact on agency costs though there is evidence of some change in these relations with the onset of the GFC, particularly with respect to the impact of insider ownership and board size. ©2012 Elsevier B.V. All rights reserved.
Original languageEnglish
Pages (from-to)314-326
JournalJournal of Multinational Financial Management
Volume23
Issue number4
Early online date2 Jul 2013
DOIs
Publication statusPublished - Oct 2013

Fingerprint

Dive into the research topics of 'The determinants of equity agency conflicts between managers and shareholders: evidence from Australia'. Together they form a unique fingerprint.

Cite this