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The Agency Cost from the Point of View of Financial Markets

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  • Tomáš Buus

Abstract

We examine agency cost in the multibusiness enterprises (hereinafter “MBE”). Our goal is to find out, whether is there a positive relationship between the complexity of MBE and agency cost. Results are ambiguous, nevertheless we got an indirect indication that more complex MBE bring more advantages than disadvantages and that the avoidable agency costs are effectively eliminated at the lower levels of MBE structure. It emerges then that the main reason for agency cost is information asymmetry and the largest part of avoidable agency cost emerges in the highest levels of corporate hierarchy.

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Bibliographic Info

Article provided by University of Economics, Prague in its journal Český finanční a účetní časopis.

Volume (Year): 2011 (2011)
Issue (Month): 4 ()
Pages: 52-67

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Handle: RePEc:prg:jnlcfu:v:2011:y:2011:i:4:id:148:p:52-67

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Related research

Keywords: Multibusiness Enterprise; Agency Cost; Risk; Koncern; Náklady zastoupení; Riziko;

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  1. John Y. Campbell & Jens Hilscher & Jan Szilagyi, 2006. "In Search of Distress Risk," NBER Working Papers 12362, National Bureau of Economic Research, Inc.
  2. Clarke, Roger & Davies, Stephen & Waterson, Michael, 1984. "The Profitability-Concentration Relation: Market Power or Efficiency?," Journal of Industrial Economics, Wiley Blackwell, vol. 32(4), pages 435-50, June.
  3. James L. Davis & Eugene F. Fama & Kenneth R. French, . "Characteristics, Covariances, and Average Returns: 1929 to 1997," CRSP working papers 359, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
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