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A remark on managerial behaviour and agency cost
Authors:
Zhihui Gu a;
Qingyuan Zhang b
| Affiliations: | a Department of Corporate Finance, Business School, Nankai University, Tianjin 300071, P.R. China |
| b Department of Finance, College of Economics, Nankai University, Tianjin 300071, P.R. China |
DOI:
10.1080/14697680601038803
Publication Frequency:
8 issues per year
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Abstract
This paper studies the relationship between managers' private profit and agency cost using dynamic modelling methods. We conclude that the agency cost is a concave function of the managers' private profit and that the managers' private profit will lead to more investment cash outflow.
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| Keywords: Agency cost; Managerial behaviour; Private profit |
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