Impact of Agency Costs on Firm Performance: Evidence from Vietnam

被引：7

作者：

Le Duc Hoang ^{[1
]}

Tran Minh Tuan ^{[1
]}

Pham Van Tue Nha ^{[1
]}

Tran Phi Long ^{[1
]}

Ta Thu Phuong ^{[1
]}

机构：

[1] Natl Econ Univ, Hanoi, Vietnam

来源：

ORGANIZATIONS AND MARKETS IN EMERGING ECONOMIES | 2019年 / 10卷 / 02期

关键词：

agency cost; firm performance; leverage; CORPORATE GOVERNANCE MECHANISMS; OWNERSHIP STRUCTURE; BOARD STRUCTURE; COMPANIES;

D O I：

10.15388/omee.2019.10.15

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

An assumption in agency costs theory is that agency costs can exert a negative impact on firm performance. In this study, we examine the impact of agency costs on firm performance of Vietnamese listed companies. Our sample includes 736 companies in Vietnam during the period from 2010 to 2015. We find that agency costs exert a negative impact on firm performance. Our results are robust to alternative econometric models, including an instrumental variables technique and a system generalized method of moment model. In addition, we show that a debt instrument can be a useful tool to reduce the negative impact of agency costs on firm performance.

引用

页码：294 / 309

页数：16

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