The Effects of Ownership Structures on Agency Costs in Internationally Diversified Firms: A Data Analysis of the KOSDAQ Market

2020 ◽  
Vol 11 (4) ◽  
pp. 205-224
Keyword(s):  
Data Analysis ◽  
Agency Costs ◽  
Ownership Structures ◽  
Diversified Firms

scholarly journals PENGARUH LEVERAGE DAN KEPEMILIKAN MANAJERIAL TERHADAP MANAJEMEN LABA DENGAN AGENCY COST SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANUFAKTUR

2020 ◽  
Vol 28 (2) ◽  
pp. 188-206
Author(s):  
Rahyuningsih Rahyuningsih ◽  
Sri Ayem
Keyword(s):  
Data Analysis ◽  
Earnings Management ◽  
Path Analysis ◽  
Agency Costs ◽  
Agency Cost ◽  
Managerial Ownership ◽  
Analysis Method ◽  
Second Stage ◽  
Data Analysis Method ◽  
Sample Technique

This study aims to compare the leverage and managerial ownership of earningsmanagement with agency cost as an intervening variable. This study took apopulation of several companies listed on IDX and the number of samples in thisstudy were 16 companies, the sample technique used was purposive sampling.The data analysis method used is the path analysis. The results of this studyafter testing the first stage showed simultaneously that leverage and managerialownership affect agency cost and testing the second stage of leverage, managerialownership and agency cost affect earnings management. Partially through the ttest, in the first stage of testing that leverage affects agency cost and managerialownership does not affect agency cost. The second stage of testing that leveragedoes not affect earnings management, managerial ownership does not affectearnings management and agency costs affect earnings management.

scholarly journals The Effect of Diversification under Different Ownership Structures and Economic Conditions: Evidence from the Great Recession

2019 ◽  
Vol 12 (2) ◽  
pp. 82
Author(s):  
Ivonne A. Liebenberg ◽  
Zhilu Lin
Keyword(s):  
Financial Crisis ◽  
Economic Conditions ◽  
Corporate Diversification ◽  
External Financing ◽  
Ownership Structures ◽  
The Great Recession ◽  
Alternative Measures ◽  
Insurance Firms ◽  
Diversified Firms ◽  
Better Than

The effect of corporate diversification on firm performance has been extensively documented in the literature. In the general finance literature, Kuppuswamy and Villalonga (2015) studied the diversification effect during the 2007–2009 financial crisis and found that diversification adds value in the presence of external financing constraints. Motivated by this finding, we investigate whether a similar effect applies to insurance firms and we develop hypotheses for their different ownership structures (stock vs. mutual insurers; and group vs. non-group affiliated insurers). Using a sample of property-liability insurers over a period of 2004 to 2013, we find that the effect of diversification on performance is contingent on ownership structures and economic conditions. The diversification effect for stock insurers and insurers affiliated with a group is not significantly affected by economic conditions. However, the diversification effect for mutual insurers and non-affiliated insurers is reversed during the financial crisis. More specifically, diversified firms with these kinds of ownership structures perform better than focused firms during normal economic conditions, but their performance was significantly worse during the financial crisis. Our results are robust to alternative measures of performance and diversification, and to corrections for endogeneity. Our study contributes to the diversification literature by showing how the effect of diversification varies with ownership structure under different economic conditions and the results shed light on the specific circumstances in which diversification can improve or reduce performance.

Does the Ownership Structure of Debt and Equity Affect the Agency Costs of Debt? Japanese Evidence

1998 ◽  
Vol 13 (1) ◽  
pp. 37-66 ◽  
Author(s):  
LeeSeok Hwang ◽  
Yong O. Kim
Keyword(s):  
Ownership Structure ◽  
Agency Costs ◽  
Agency Problems ◽  
Agency Conflicts ◽  
Ownership Structures ◽  
Japanese Firms ◽  
Financial Interests ◽  
Main Bank ◽  
Agency Costs Of Debt ◽  
Equity Holdings

This paper examines the effect of the ownership structure (of debt and equity) on the agency problems of debt. This issue is particularly relevant for Japanese keiretsu firms. Member firms in a keiretsu are linked through business ties and reciprocal shareholdings. A central figure of the keiretsu is the main bank that serves as a corporate monitor. We hypothesize that the main bank's monitoring intensity varies with the degree of its keiretsu member banks' financial interests in the member firms. We first find that the leverage of keiretsu firms in our sample is significantly negatively related to proxies for the source of potential agency conflicts (e.g., R&D expenditures and intangible assets), implying that Japanese keiretsu firms also suffer from agency problems of debt. This is contrary to the popularly held view that Japanese firms are free of agency problems of debt since banks are often both large creditors and shareholders. We then consider the ownership structures based on debt and equity holdings by member banks and member firms within the same keiretsu. Consistent with our hypothesis, our empirical results show that agency costs of debt are pronounced among firms in which the members have low-debt and low-equity holdings, but are mitigated substantially for other firms in which the members have significant holdings of debt and/or equity, in the order of low debt and high equity, high debt and low equity, high debt and high equity.

scholarly journals The Influence of Managerial Ownership and Institutional Ownership on Agency Costs (Studies on Manufacturing Companies in The Basic Industrial and Chemical Sectors Listed on The Indonesia Stock Exchange)

2018 ◽  
Vol 3 (1) ◽  
pp. 65-74
Author(s):  
Ramon Arthur Ferry Tumiwa ◽  
Nova Christian Mamuaya
Keyword(s):  
Data Analysis ◽  
Agency Costs ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Institutional Ownership ◽  
Industrial Sector ◽  
Agency Cost ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Analysis Method

The purpose of this study is to examine and analyze: (1) the effect of managerial ownership on agency costs, (2) the effect of institutional ownership on agency costs, and (3) the effect of managerial ownership and institutional ownership simultaneously affect to agency costs. This research was conducted at the primary industrial sector and chemical of manufacturing companies that listed on the Indonesia stock exchange 2014-2016. The companies analyzed amounted to 18 companies determined based on sampling criteria. The analysis method used is panel data analysis by using Eviews 9 programming computer. The results of this study found that managerial ownership has an insignificant relationship with agency cost. The institutional ownership has an insignificant with agency costs. The managerial ownership and institutional ownership have no significant effect on agency costs, simultaneous.

Microchemical imaging in biomedical research

1992 ◽  
Vol 50 (2) ◽  
pp. 1118-1119
Author(s):  
P. Ingram
Keyword(s):  
Data Analysis ◽  
Electron Probe ◽  
The Other ◽  
X Ray ◽  
Cell Element ◽  
Physiological Information ◽  
Functional States ◽  
Elemental Maps ◽  
Electron Energy Loss ◽  
Secondary Ion

It is well established that unique physiological information can be obtained by rapidly freezing cells in various functional states and analyzing the cell element content and distribution by electron probe x-ray microanalysis. (The other techniques of microanalysis that are amenable to imaging, such as electron energy loss spectroscopy, secondary ion mass spectroscopy, particle induced x-ray emission etc., are not addressed in this tutorial.) However, the usual processes of data acquisition are labor intensive and lengthy, requiring that x-ray counts be collected from individually selected regions of each cell in question and that data analysis be performed subsequent to data collection. A judicious combination of quantitative elemental maps and static raster probes adds not only an additional overall perception of what is occurring during a particular biological manipulation or event, but substantially increases data productivity. Recent advances in microcomputer instrumentation and software have made readily feasible the acquisition and processing of digital quantitative x-ray maps of one to several cells.

Perceptions of a Collaborative Professional Learning Program: Seeing the “Bigger Picture”

2020 ◽  
Vol 5 (1) ◽  
pp. 290-303
Author(s):  
P. Charlie Buckley ◽  
Kimberly A. Murza ◽  
Tami Cassel
Keyword(s):  
Data Analysis ◽  
Professional Learning ◽  
Social Communication ◽  
Special Educators ◽  
Service Providers ◽  
Integrative Approach ◽  
Theory Approach ◽  
Learning Program ◽  
Speech Language Pathologists ◽  
Related Service

Purpose The purpose of this study was to explore the perceptions of special education practitioners (i.e., speech-language pathologists, special educators, para-educators, and other related service providers) on their role as communication partners after participation in the Social Communication and Engagement Triad (Buckley et al., 2015 ) yearlong professional learning program. Method A qualitative approach using interviews and purposeful sampling was used. A total of 22 participants who completed participation in either Year 1 or Year 2 of the program were interviewed. Participants were speech-language pathologists, special educators, para-educators, and other related service providers. Using a grounded theory approach (Glaser & Strauss, 1967 ) to data analysis, open, axial, and selective coding procedures were followed. Results Three themes emerged from the data analysis and included engagement as the goal, role as a communication partner, and importance of collaboration. Conclusions Findings supported the notion that educators see the value of an integrative approach to service delivery, supporting students' social communication and engagement across the school day but also recognizing the challenges they face in making this a reality.

Communicative Performance of Adolescents with Severe Speech Impairment

1989 ◽  
Vol 54 (3) ◽  
pp. 403-421 ◽  
Author(s):  
Beth M. Dalton ◽  
Jan L. Bedrosian
Keyword(s):  
Data Analysis ◽  
Peer Interactions ◽  
Consistent Pattern ◽  
Clinical Implications ◽  
Speech Impairment ◽  
Communication Mode ◽  
Mode Function ◽  
Communicative Performance ◽  
Therapy Room ◽  
Communication Board

The communicative performance of 4 preoperational-level adolescents, using limited speech, gestures, and communication board techniques, was examined in a two-part investigation. In Part 1, each subject participated in an academic interaction with a teacher in a therapy room. Data were transcribed and coded for communication mode, function, and role. Two subjects were found to predominantly use the speech mode, while the remaining 2 predominantly used board and one other mode. The majority of productions consisted of responses to requests, and the initiator role was infrequently occupied. These findings were similar to those reported in previous investigations conducted in classroom settings. In Part 2, another examination of the communicative performance of these subjects was conducted in spontaneous interactions involving speaking and nonspeaking peers in a therapy room. Using the same data analysis procedures, gesture and speech modes predominated for 3 of the subjects in the nonspeaking peer interactions. The remaining subject exhibited minimal interaction. No consistent pattern of mode usage was exhibited across the speaking peer interactions. In the nonspeaking peer interactions, requests predominated. In contrast, a variety of communication functions was exhibited in the speaking peer interactions. Both the initiator and the maintainer roles were occupied in the majority of interactions. Pertinent variables and clinical implications are discussed.

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