-based incentives as a governance mechanism to mitigate the agency problem in complex firms with high information asymmetry. …While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were … incentives. In the meantime the legal environment has changed significantly and today even the German Corporate Governance Code …

with agency theory, we can show that the leverage level is the lowest if the founding family is simultaneously a large … shareholder with monitoring incentives and involved in firm management with convergence-of-interest effects. Finally, we detect …

governance improvements. As opposed to traditional financial investors both HF and PE are likely to have the incentives to … alleviate agency conflicts. However, against the background of differences in their business models and organizational set ups …, it remains an empirical question of whether they address the same or different agency conflicts. Studying HF and PE …

monitoring and governance, significantly reduced the agency costs of debt in rural firms. Taken together, our results indicate … effectiveness of external monitoring in alleviating agency problems between insiders and debt holders. …