| Summary: | 碩士 === 中原大學 === 會計研究所 === 95 === We use the model developed by Fisman and Hubbard(2002) to measure benchmark levels of endowment. We estimate a firm’s excess endowment holdings as the residuals based on this model, and used the regressions to distinguish growth opportunities, better monitoring, or agency problems which one will be existence in the not-for-profit organizations.
Under the model, the empirical results show that excess endowment doesn’t have significantly effect on growth opportunities, better monitoring, or agency problems. But when we try to link up with agency problems and growth opportunities, or integrate agency problems with monitoring, we can sum up as follows: When agency problems are light, the excess endowment have significantly positive effect on growth opportunities and monitoring, to mean that not-for-profit organizations will have better growth opportunities and monitoring.
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