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The separation of ownership rights and management rights on shares of a Joint - stock companyleadsto agency conflicts between shareholders and managers
This separation phenomenoncreatesan agency relationship between the owners ( shareholders ) and the agents ( managers
the separation of ownership and management rightshas createda problem of agency between management and shareholders
This reversed relationshipresultedin the agency problem between Lehman ’s shareholders and directors
This excessive amount of cashcan createagency problems between managers and shareholders
The composition and role of the board of directorscan therefore influenceshareholders and management agency problem
rendering expert adviceleadingto a reduction in agency problems between shareholders and managers
the underinvestment problem ... The underinvestment problemmay resultfrom an agency problem between the firm s managers or shareholders and the bondholders
This aspectledto the occurrence of agency problem between shareholders and managers
accounting conservatismcontributesto addressing the agency problem between managers and shareholders
to increased concentration of equity ownershiphas ledto increased concentration of equity ownership
to the overinvestment problem , which is investing in unprofitable projects resulting in negative NPV and loss of shareholder wealthmay leadto the overinvestment problem , which is investing in unprofitable projects resulting in negative NPV and loss of shareholder wealth
Over - investment in enterprises(passive) is mainly caused byOver - investment in enterprises
to higher firm value ( Jensen & Meckling , 1976thus leadto higher firm value ( Jensen & Meckling , 1976
from the insulating boardsresultfrom the insulating boards
from the dispersion of ownership in large publicly traded corporationsresultfrom the dispersion of ownership in large publicly traded corporations
from the separation of ownership from control of firmsresultsfrom the separation of ownership from control of firms
from the although we will later relax these assumptionsresultfrom the although we will later relax these assumptions
Liquidity constraints(passive) are caused byLiquidity constraints
Reward systems(passive) are designedReward systems