摘要
Abstract
Using 2006-2009 Shanghai and Shenzhen A-share listed companies as samples, we classify the different types of institutional investors according to their investment objectives and study the impact of institutional investors independence on the agency cost. The results indicate that the higher holding of independent institutions, the lower management agency cost and controlling shareholder agency cost, and the impact of dependent institutions on agency cost is limited. After considering the controlling shareholders＇ impact, we find that when controlling shareholders prefer private gains, independent institutions can further reduce management agency cost, indicating a greater supervisory role of independent institutions on the management self-interested behavior under this condition.关键词
独立机构/非独立机构/管理层代理成本/控股股东代理成本Key words
independent institutional investors/dependent institutional investors/management agency cost/controlling shareholder agency cost分类
管理科学
