Purpose – This paper aims to examine the impact of managerial equity ownership on return on assets as a measure of profitability and two financial statement-based agency cost measures, i.e. asset utilization and an expense ratio, which proxy for management's efficiency in use of assets and...

Purpose – This paper aims to examine the impact of managerial equity ownership on return on assets as a measure of profitability and two financial statement‐based agency cost measures, i.e. asset utilization and an expense ratio, which proxy for management's efficiency in use of assets and...