This paper examines the relationship between large shareholders and dividend payout decisions based on agency theory and investigates whether large shareholders are monitoring effectively. The study uses a panel dataset of 37 non-financial firms listed on the Kuwait Stock Exchange as an emerging...

This study investigates whether information about Chief Executive Officer (CEO) incentives is useful for predicting future earnings. We find that in companies with higher CEO equity incentives, current year earnings are more informative of future earnings than in other companies. Additionally,...

This paper argues that conflicting incentives among managers may impede potential knowledge-sharing benefits from vertical integration. I study knowledge-based agency costs from vertical integration in car leasing, where manufacturer-owned captive lessors compete with independent lessors. Both...

Previous research mainly focused on the agency-theoretical explanation of multi-unit franchising (MUF). The aim of this study is to develop a relational governance perspective of MUF by investigating the role of knowledge-based trust and general trust in franchisor's choice between multi-unit...

Are restrictive covenants effective mechanisms in mitigating agency problems? Is the magnitude of the increase in the cost of debt due to agency problems non-trivial? We tackle these questions using a large dataset of public bonds. Contrary to the view that restrictive covenants in public bond...

Doctor of Philosophy

The main objective of this research is to analyze the relationship between managerial ownership, institutional ownership, risk, debt policy, and dividend policy which are included as strategic variables in company.s decision making of Indonesian stock market. Company size, liquidity,...

State multinationals were investigated in the 1980s. Since then, little work on the state multinational has been done because of the dramatic changes in the world in terms of both politics and economics, such as the waves of liberalization, deregulation and privatization. However, in the current...

There remains a good deal of uncertainty as to whether and under which governance conditions family firms, even large, publicly traded ones, are entrepreneurial. We shall argue that agency theory, behavioral agency perspectives, and the resource-based view all posit both positive and negative...

Family business succession is a complex and challenging process, in which family members often build on the support of trusted advisors who can be seen as the most relied external source of advice and knowledge that family businesses draw on. Based on an extensive literature review, this article...