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| Author: | Florackis, C. Ozkan, A. |
| Title: | The impact of managerial entrenchment on agency costs: an empirical investigation using UK panel data |
| Journal: | European Financial Management
2009 : JUN, VOL. 15:3, p. 497-528 |
| Index terms: | agencies corporate governance management behaviour panel data United Kingdom |
| Language: | eng |
| Abstract: | The relationship between managerial entrenchment and agency costs is empirically investigated for a large sample of over the period 1999-2005. Detailed information on ownership and board structures and managerial compensation is used to measure managerial entrenchment. A managerial entrenchment index, which captures the extent to which managers have the ability and incentives to expropriate wealth from shareholders is developed. The results are based on a dynamic panel data analysis and they suggest that there is a strong negative relationship between managerial entrenchment and an inverse proxy for agency costs, namely asset turnover ratio. |
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