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research article

Agency conflicts around the world

Morellec, Erwan  
•
Nikolov, Boris
•
Schürhoff, Norman
2018
Review of Financial Studies

We use a dynamic model of financing decisions to measure agency conflicts for a large panel of 12,652 firms from 14 countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in agency conflicts are largely due to differences in firm-level governance, ownership concentration, and other firm characteristics, including intangibles and cash. The origin of law is more relevant for curtailing governance excesses than for guarding the typical firm. Agency costs split about equally between wealth transfers and value losses from policy distortions, the latter being smaller in civil law countries where ownership is more concentrated.

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Type
research article
DOI
10.1093/rfs/hhy018
10.2139/ssrn.2630018
Author(s)
Morellec, Erwan  
•
Nikolov, Boris
•
Schürhoff, Norman
Date Issued

2018

Published in
Review of Financial Studies
Volume

31

Issue

11

Start page

4232

End page

4287

Subjects

Capital Structure

•

Agency Conflicts

•

Corporate Governance

•

Structural Estimation

URL

EPFL

https://sfi.epfl.ch/wp-content/uploads/2018/08/AgencyMNS.pdf
Peer reviewed

REVIEWED

Written at

EPFL

EPFL units
SFI-EM  
Available on Infoscience
October 15, 2018
Use this identifier to reference this record
https://infoscience.epfl.ch/handle/20.500.14299/148821
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