Ang, James S.; Cole, Rebel A.; Lin, James Wuh - In: Journal of Finance 55 (2000) 1, pp. 81-106
We provide measures of absolute and relative equity agency costs for corporations under different ownership and management structures. Our base case is Jensen and Meckling's (1976) zero agency-cost firm, where the manager is the firm's sole shareholder. We utilize a sample of 1,708 small...