We provide measures of absolute and relative equity agency costs for corporations under different ownership and … shareholder. We utilize a sample of 1,708 small corporations from the FRB/NSSBF database and find that agency costs (i) are …

ratio and asset turnover ratio can be reliably used as proxies for equity-related agency costs in SME research. (Publication …. (2000) making a pioneering attempt to estimate equity agency costs in a large cross-sectional sample of smaller, non … financial years from 1994--1995 to 1997--1998. The two proxies for equity agency costs that are trialed -- operating expense …

which managers could become entrenched, they already bear a large proportion of the costs and have therefore an incentive to …

effect), for higher shares the effect becomes negative entrenchment effect). Moreover, risk-aversion of managers and …