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which managers could become entrenched, they already bear a large proportion of the costs and have therefore an incentive to …
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effect), for higher shares the effect becomes negative entrenchment effect). Moreover, risk-aversion of managers and …
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The study uses panel data to investigate agency costs, both principal-agent (PA) and principal-principal (PP), in 240 small businesses not listed on the New Zealand Stock Exchange. Results show that both forms of agency cost vary according to industry, the life of the business and size. The...
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