کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5094018 | 1376159 | 2006 | 22 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The effect of agency costs on the value of single-segment and multi-segment firms
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
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چکیده انگلیسی
This paper investigates the effectiveness of equity-based compensation in mitigating the effects of agency costs on the valuation of single-segment and multi-segment firms. In a sample of 4182 firm-year observations during the period 1993-1998, we find that firms with high equity-based compensation have higher valuation than firms with low equity-based compensation. This is true in both single-segment and multi-segment firms. The effect of equity-based compensation for multi-segment firms, where agency costs are expected to be higher, is much greater than for single-segment firms. Also, the negative value-effect of diversification is less for firms with high equity-based compensation.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 12, Issue 4, September 2006, Pages 761-782
Journal: Journal of Corporate Finance - Volume 12, Issue 4, September 2006, Pages 761-782
نویسندگان
Jouahn Nam, Charles Tang, John H. Jr., Kevin Wynne,