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primary stockholderscan causeagency problems with the managers
The composition and role of the board of directorscan therefore influenceshareholders and management agency problem
the relationship with the governmentleadsto serious agency problems for shareholders
This excessive amount of cashcan createagency problems between managers and shareholders
controlcreatesagency problems interests with the shareholder
the interaction of ( 1 ) the outcome of earnings management ( i.e. , inconsistent or consistent with shareholders ’ interests ) , and ( 2 ) the method of earnings management ( i.e. , accruals or real methods(passive) is influenced byshareholders ’ trust in managers
three common themesinfluencingshareholder - director - corporation relations
to solve or actto preventagency problems between employees - shareholders
investment inefficienciesresultfrom manager - shareholders agency conflicts
Various different underlying frictionscreatemany manager - shareholder agency conflicts
Over - investment in enterprises(passive) is mainly caused byOver - investment in enterprises
from separation of ownership and managementresultingfrom separation of ownership and management
Corporate laws formulated in this system(passive) are primarily designedCorporate laws formulated in this system
from the insulating boardsresultfrom the insulating boards
to increased concentration of equity ownershiphas ledto increased concentration of equity ownership
in ultimate control being held by shareholders far removed from the firm ’s day - to - day operations ... and delegated management , which opens up the possibility for opportunistic behaviorresultsin ultimate control being held by shareholders far removed from the firm ’s day - to - day operations ... and delegated management , which opens up the possibility for opportunistic behavior
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
to her leaving her home at the age of 18 and joining the Sisters of Loretoledto her leaving her home at the age of 18 and joining the Sisters of Loreto
the new Alternative Assets vertical from their headquarters in Nashville , TNwill leadthe new Alternative Assets vertical from their headquarters in Nashville , TN