The Effects Of Agency Problems On The Financial Behavior, Performance, And Efficiency Of German Industrial Stock Corporations:

Name: The Effects Of Agency Problems On The Financial Behavior, Performance, And Efficiency Of German Industrial Stock Corporations:
Availability: OutOfStock
ISBN: 9783631345740

ISBN-10: 3631345747

ISBN-13: 9783631345740

Edition: 1999

Authors: J. Benedict Wolf

List price: $76.95

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Description:

Using a catalog of seven agency problem identifier variables such as block ownership and market segment traded in, 237 German industrial stock corporations are analyzed for the time period 1986-1992. Five sectors are also analyzed separately. Agency-problem related differences in financial behavior, performance, and cost efficiency are tested for using t-tests for mean differences and logistic regressions. The cost efficiency is estimated via stochastic maximum likelihood frontier functions. Manager-controlled firms prefer free cash flows as predicted. Owners favor debt and avoid new stock issues. Contrary to theory, manager-controlled companies do not show a poorer performance than…

Book details

List price: $76.95
Copyright year: 1999
Publisher: Peter Lang Pub Inc
Binding: Paperback
Pages: 411
Language: English