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《Securities Market Herald》 2012-01
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The Impact of the Independency of Institutional Investors on the Agency Costs

Yang Haiyang,Sun Jian,Wei Dehong  
Using 2006~2009 Shanghai and Shenzhen A-share listed companies as samples,we classify the different types of institutional investors according to their investment objectives and study the impact of institutional investors independence on the agency cost.The results indicate that the higher holding of independent institutions,the lower management agency cost and controlling shareholder agency cost,and the impact of dependent institutions on agency cost is limited.After considering the controlling shareholders' impact,we find that when controlling shareholders prefer private gains,independent institutions can further reduce management agency cost,indicating a greater supervisory role of independent institutions on the management self-interested behavior under this condition.
【Fund】: 国家自然科学基金(项目编号:71102122);; 教育部人文社会科学青年基金(项目编号:10YJC630214)]
【CateGory Index】: F275
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