THE IMPACT OF AGENCY COSTS ON THE INVESTMENT BEHAVIOR

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BARADARAN HASANZADEH RASOUL; TAGHIZADEH KHANQAH VAHID

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Journal: The Financial Accounting and Auditing Researches Year:2017 | Volume:8 | Issue:32 Page(s): 139-163

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Title

THE IMPACT OF AGENCY COSTS ON THE INVESTMENT BEHAVIOR

Author(s)

BARADARAN HASANZADEH RASOUL | TAGHIZADEH KHANQAH VAHID | Issue Writer Certificate

Keywords

AGENCY COSTSQ2

INVESTMENT BEHAVIORQ2

AGENCY PROBLEMSQ2

INFORMATION ASYMMETRICQ2

Abstract

Agency theory suggests that AGENCY COSTS are resulting from conflicts of interest between managers and shareholders that might cause consequences such deviations from the optimal INVESTMENT BEHAVIOR. Thus, it is likely that managers have different INVESTMENT BEHAVIOR where the AGENCY COSTS exist. Hence the present study examines the impact of AGENCY COSTS on INVESTMENT BEHAVIOR in Tehran Stock Exchange. Thus, sampling deletion, numbers of 110 companies was chosen. We use efficiency ratios for measuring AGENCY COSTS and to estimate the INVESTMENT BEHAVIOR (over and under investment) the Biddle et al (2009) model have been used. The panel data model was used to test the hypothesis. The results show that AGENCY COSTS are causing deviations from optimal INVESTMENT BEHAVIOR. Thereby increasing AGENCY COSTS, related problems with over and under investment will intensify and investment decisions will affect companies. Also, the results showed that the impact of AGENCY COSTS on the INVESTMENT BEHAVIOR in over and under investment firms is different.

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APA: Copy

BARADARAN HASANZADEH, RASOUL, & TAGHIZADEH KHANQAH, VAHID. (2017). THE IMPACT OF AGENCY COSTS ON THE INVESTMENT BEHAVIOR. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 8(32 ), 139-163. SID. https://sid.ir/paper/197915/en

Vancouver: Copy

BARADARAN HASANZADEH RASOUL, TAGHIZADEH KHANQAH VAHID. THE IMPACT OF AGENCY COSTS ON THE INVESTMENT BEHAVIOR. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2017;8(32 ):139-163. Available from: https://sid.ir/paper/197915/en

IEEE: Copy

RASOUL BARADARAN HASANZADEH, and VAHID TAGHIZADEH KHANQAH, “THE IMPACT OF AGENCY COSTS ON THE INVESTMENT BEHAVIOR,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 8, no. 32 , pp. 139–163, 2017, [Online]. Available: https://sid.ir/paper/197915/en

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