Agency costs, ownership structure and corporate governance mechanisms: A case study in New Zealand unlisted small companies

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dc.contributor.authorHewa Wellalage, Nirosha
dc.contributor.authorLocke, Stuart
dc.date.accessioned2012-02-21T03:50:41Z
dc.date.available2012-02-21T03:50:41Z
dc.date.issued2011
dc.description.abstractThis study investigates the linkage between agency costs, ownership structure and corporate governance in small business. Eleven years of data for 100 unlisted small businesses, are collected and 1099 observations are analysed using as dynamic panel GMM estimation. Various diagnostic tests are utilised to check for stationary and convergence of variables. The results indicate that ownership concentration has the most significant governance effect and also has the largest impact on corporate governance. Moreover, this study finds U-shape relationship between internal ownership and performance, which under that agency proxy. Agency costs vary with leverage the life of the business and with its size.en_NZ
dc.identifier.citationWellalage, N.H. & Locke, S. (2011). Agency costs, ownership structure and corporate governance mechanisms: A case study in New Zealand unlisted small companies. Journal of Business Systems, Governance and Ethics, 6(3), 53-65.en_NZ
dc.identifier.urihttps://hdl.handle.net/10289/6045
dc.language.isoen
dc.publisherVictoria University, School of Lawen_NZ
dc.relation.urihttp://www.jbsge.vu.edu.au/issues/vol06no3/Wellalage_&_Locke.pdfen_NZ
dc.rightsCopyright © 2011 Victoria Universityen_NZ
dc.subjectcorporate governanceen_NZ
dc.subjectagency problemsen_NZ
dc.subjectownership structureen_NZ
dc.subjectdebten_NZ
dc.subjectsmall businessen_NZ
dc.titleAgency costs, ownership structure and corporate governance mechanisms: A case study in New Zealand unlisted small companiesen_NZ
dc.typeJournal Articleen_NZ
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