| Summary: | 碩士 === 義守大學 === 財務金融學系 === 100 === The econometric evaluation method of agency cost we proposed in this study can help us understand more about the agency cost of listed companies in Taiwan, and, furthermore, we can analyze the factors that affect the agency cost in the industries seriously. We use the stochastic frontier model, proposed by Batterese and Coelli, as empirical model to analyze the listed companies in Taiwan during the period of 2005-2009.
Result shows that listed companies in Taiwan does have agency cost. Take time factor into consideration and it shows that the agency cost of listed companies does not trend to increasing or decreasing over time. Additionally, considering the factor of internal governance, the agency does exist in the companies; however, the variances of internal governance do not affect the agency cost in the research.
The industry agency ranking shows that the top three of industry agency cost are optoelectronic industry, semiconductor industry, and electronic machinery industry, and the last three are IT service, paper-making industry, and cement industry. According to the Descriptive Statistics, the factors that mainly affecting the level of agency cost are the higher level of capital market pressure and product market pressure over the whole industry, and the shorter term of manager, which is lower than average.
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