Взаимосвязь агентских издержек и структуры собственности на примере российских и восточноевропейских компаний

Abstract

This paper represents the results of agency costs research based on a sample of Russian and East-European companies. Proxy variables such as ownership stricture, board of directors’ composition and bank monitoring ware used to determine agency costs changing. The author found evidence supporting some of the agency theory hypothesis for Russian market, using a sample of 131 companies. Negative relation between managerial ownership and agency costs was found significant, agency costs are found to be higher in companies with lower managerial shareholding; board of directors composition affect significantly on agency costs and increasing of government ownership leads to agency costs increment.