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Concept

Agency cost

Related publications (5)

Agency conflicts and short- versus long-termism in corporate policies

Erwan Morellec

We build a dynamic agency model in which the agent controls both current earnings via short-term investment and firm growth via long-term investment. Under the optimal contract, agency conflicts can induce short- and long-term investment levels beyond firs ...

ELSEVIER SCIENCE SA2020

Strategic Objectives For State-Owned Enterprises As A Means To Mitigate Political Interference: An Empirical Analysis Of Two Swiss State-Owned Enterprises

Matthias Finger, Fabian Liechti

When governments act as owners of state-owned enterprises (SOEs), they are both principal and agent at the same time. The literature on steering SOEs has mainly focused on the government as the principal that must control SOEs. However, the government is a ...

WILEY2019

Agency conflicts around the world

Erwan Morellec, Boris Nikolov

We use a dynamic model of financing decisions to measure agency conflicts for a large panel of 12,652 firms from 14 countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in agency confl ...

2018

Do exogenous changes in passive institutional ownership affect corporate governance and firm value?

Rüdiger Fahlenbrach

We investigate whether corporations and their executives react to an exogenous change in passive institutional ownership and alter their corporate governance structure. We find that exogenous increases in passive ownership lead to increases in CEO power an ...

Elsevier Science Sa2017

Corporate governance and capital structure dynamics

Erwan Morellec, Boris Nikolov, Norman Schuerhoff

We develop a dynamic tradeoff model to examine the importance of managershareholder conflicts in capital structure choice. In the model, firms face taxation, refinancing costs, and liquidation costs. Managers own a fraction of the firms equity, capture par ...

2012