This article seeks to verify the existence of a relationship between the rate of remuneration charged by the administrators of investment funds and the profitability of these portfolios, under the perspective of the Agency Theory. The Agency Theory seeks to explain the conflicts of interest that...

Earnings management is found to be driven by different managerial incentives. Previous studies have identified that executive compensation contracts create incentives for earnings management. The agency theory and the positive accounting theory provide explanations for contract-driven earnings...

We analyze the determinants of capital structure and its choice by small and medium-sized enterprises in Central and Eastern Europe from 2002 to 2007. We test the relevance of the three main theories: the Static Trade-off Theory, the Pecking Order Theory, and the Agency Theory, which have been...

This article examines the determinants of the European Commission's executive discretion and the impact of comitology when policy authority is delegated by member states and the Parliament (i.e. principals) and all actors are uninformed about future contingencies. In such context, the Commission...

The professional firms suffer from exogenous problems whereas the private family firms suffer from endogenous problems. This latter category is more common in the family firms of emerging markets. Based on a sample of 157 firms we examine the key characteristic differences in the managerial...

This study examines the idiosyncratic manager-specific influence on corporate cash holdings. Although traditional economic theories such as trade-off theory, financial hierarchy theory and agency free cash flow theory have already contributed to a deeper understanding of corporate cash policy,...

Family offices are organisations dedicated to the management of entrepreneurial families’ private wealth. Based on agency theory, we analyse types of family offices with regard to the families’ goals and the control mechanisms used to ensure goal achievement. Family-dominant management and...

This research provides an accurate picture of situations in which founder–CEOs are replaced (or not) by venture capitalists. Our analysis aims to go further than the schematic case of the founder being simply dismissed by investors in a conflictual context. We first review the literature...

The research in small firms financing is characterized by a lack of a theoretical framework. One basic assumption in this study is that agency theory can provide an essential framework to explain the interaction between informal and formal venture capitalists and their portfolio firms. Five...

Dividend policy is an important issue of corporate finance and the present study examines the effect of market imperfections such as asymmetric information, agency costs and transaction cost of issuing external on corporate dividend policy for 138 firms selected from all major manufacturing...