search query: @author Crutchley, C. E. / total: 2
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| Author: | Crutchley, C. E. Hansen, R. S. |
| Title: | The test of the agency theory of managerial ownership, corporate leverage, and corporate dividends. |
| Journal: | Financial Management
1989 : WINTER, VOL. 18:4, p. 36-46 |
| Index terms: | FINANCIAL MANAGEMENT MANAGERIAL ACTIVITIES COMPANY OWNERSHIP |
| Language: | eng |
| Abstract: | A study examining corporate leverage and dividend policies, managers' ownership decision, and leverage and dividend policies. Agency theory and reduction of equity agency costs. Testing agency theory. 5 firm-specific characteristics. Earnings volatility and advertising R&D expenses. Diversification loss and firm scale. Flotation cost. 3 financial policy variables: managerial common stock ownership; corporate leverage; and corporate dividends. Empirical analysis: test model, the hypotheses, sample, and results. Further checks. Six Exhibits illustrate the analysis. |
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