The measurement of Agency cost：A Stochastic Froniter Analys

• Main Authors: Chia-Ling Chang, 張嘉玲
• Other Authors: Yi-Ran Jia
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/78611429428176002896

碩士 === 義守大學 === 財務金融學系碩士班 === 98 === Agency costs has been the main core issues of corporate governance. Few studies estimate the cost of agent question. This article focuses on the implementation of domestic listed companies in corporate governance measures are estimated to reduce agency costs, thus enabling companies improve performance and value. This paper from 2005 to 2008 listed firms, according to Habib and Ljungqvist (2005) study using the stochastic frontier model, from the company analysis of both internal and external governance managers incentive effect on firm performance. First, the agency cost estimate ratio of listed companies is about 21%. Second, the external excitation, the product market pressure has significant influence. But capital market pressures related to negatively correlation. Third, internal excitation, the manager''s remuneration rate, the manager shareholding ratio, institutional ownership ratios were significantly positive correlation, term of office managers was negative correlation, major shareholders holding ratio was no significant relationship.