Conditional tests of corporate governance theories
Agency theories suggest that governance matters more when agency conflicts are potentially more severe. However, empirical studies often do not control for the potential severity of agency conflicts. I show that the marginal benefit of governance varies with the free cash flow level, a proxy for the...
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| Format: | Others |
| Language: | en_US |
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Texas A&M University
2005
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| Online Access: | http://hdl.handle.net/1969.1/2339 |