文章基本信息

标题：Agency Costs And Corporate Financial Policies: A Simultaneous Equations Approach
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作者：Yong H. Kim ; Jong C. Rhim ; Jun Gyu Kang 等
期刊名称：Journal of Business & Economics Research
印刷版ISSN：1542-4448
电子版ISSN：2157-8893
出版年度：2011
卷号：3
期号：1
语种：English
出版社：The Clute Institute for Academic Research
摘要：Financial economists have devoted great attention to corporate financial policies, such as the firm’s capital structure. It is also understood that these policies are not determined independently, but jointly with other corporate policies such as dividend policy and ownership structure. The purpose of this paper is to incorporate the pension funding decision into this policy mix. The design and administration of a firm’s pension fund affects the firm because of the size and risks of the pension fund. The degree of funding of a defined benefit plan affects the value and risk of a company’s common shares. This paper simultaneously explains leverage, dividend policy, ownership structure, and pension funding using several independent variables that, based on agency theory, should affect these policies. The results are significant and reinforce the notion of simultaneous determination of corporate policies.