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《Communication of Finance and Accounting(Academy Version)》 2007-04
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Corporate Governance and Agency Cost:Evidence from Listed Companies

Gao Lei Li Fenxiang Zhang Jie(Business School,Shantou University,Shantou,Guangdong 515063)  
Using the data of listed firms,this paper investigates the relationship between corporate governance and agency cost We have three main findings.First,agency cost is significantly and positively associated with the concentration of stock ownership,the share of state-held stocks,the size of board of directors and board of supervisors,corporate governance environment,corporate transparency,and firm size.Second,agency cost is significantly and positively associated with the balances of stock ownership,the ratio of paid board directors and supervisors,and the frequency of the board meetings and stockholder conferences.Third,agency cost has no significant relationship with the stocks held by senior manager as incentive,the ratio of independent directors,the frequency of the meetings of supervisors,and the separation of owners from managers.Forth,the relationship between leverage and agency cost is mixed.Finally,the relationships between corporate governance and agency cost of state-owned listed firms and private listed firms are not different from that of the whole sample.
【Fund】: 香港特区政府研究资助局项目(CUHK4437/04H)
【CateGory Index】: F276.6;F275
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