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Corporate innovation plays a crucial role in maintaining competitiveness and enhancing firm value. However, despite being the world's leading manufacturing nation, the role of managerial ownership in fostering innovation within the Chinese manufacturing industry has not received adequate...
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attention on agency costs in leveraged firms. Particular attention was given to the incentives of shareholders in such firms to … the firm's financial results alleviates the classic agency costs between shareholders and debt-holders, leading to less …
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risk on agency costs. We find decreased firm value, especially for firms with lower levels of investor protection and with … the highest expected agency costs. We also find that managerial incentives are reduced as measured by lower CEO pay …
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