Agency theory posits that debt-like compensation (such as defined-benefit pensions and other deferred compensation) aligns managerial interests more closely with those of debtholders and reduces the agency cost of debt. Consistent with theory, we find that a higher CEO relative leverage, defined as the ratio of the CEO's inside leverage (debt-toequity compensation) to corporate leverage, is ass...

We link the corporate governance literature in financial economics to the agency cost perspective of Corporate Social Responsibility (CSR) to derive theoretical predictions about the relationship between corporate governance and the existence of executive compensation incentives for CSR. We test our predictions using novel executive compensation contract data, and find that firms with more shar...

This paper asks how well a general equilibrium agency cost model describes the dynamic relationship between credit variables and the business cycle. A Bayesian VAR is used to obtain probability intervals for empirical correlations. The agency cost model is found to predict the leading, countercyclical correlation of spreads with output when shocks arising from the credit market contribute to ou...

abstract: the profound effect of mgovernment on the future of businesses and communities has been proven in numerous studies. the aim of the present study is provide a model for user requirements and validate the proposed model is based on a literature review of research. the findings suggest that effective and efficient transactions including time, security, privacy, reliability and cost of th...

the article by potts et al, “the pill is mightier than the sword,” points out that family planning has an important role to play in building peace by increasing women’s empowerment and their agency, ultimately helping peacebuilding efforts. evidence has demonstrated that family planning programs are cost effective, produce quick results, help women and couples meet their desired fertility level...

Agency cost analysis is a fundamental aspect of Anglo-American company law theory. Within the three types are said to exist: director/shareholder, majority/ minority and firm/outside world. Whilst is, doctrinally, consistent at mitigating first these (the paradigmatic corporate agency cost), it fails mitigate second. Several features UK exacerbate this cost, which felt most acutely in private c...

This paper analyzes the impact of bureaucratic decision costs on agency expertise. The analysis shows that the effect of the cost associated with adopting a new regulation (the “enactment cost”) on agency expertise depends on what the agency would do if it remains uninformed. If an uninformed agency would regulate, increasing enactment costs increases agency expertise; if an uninformed agency w...

1. Contracting agency may properly make an award to a lower-priced, lower-rated offeror athough the solicitation provides that cost will be less important than technical factors in the selection, where the contracting officer resonably determines that the technical advantage from the highest-rated proposal is less significant than the possible cost savings from a lower-rated proposal and the co...