Naslov
Impact of the Dividend Policy and Related Corporate Governance Mechanisms on Agency Costs

Autori
Đunđek Kokotec, Ivana ; Grbac, Tihana ; Klačmer Čalopa, Marina

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Contemporary Financial Management / Benković, Slađana ; Dmitrović, Veljko ; Milosavljević, Miloš - Maribor : Institute for Local Self-Government Maribor, 2023, (121)-(139)

ISBN
978-961-7124-14-9

Skup
Contemporary Financial Management Conference

Mjesto i datum
Beograd, Srbija, 07.12.2022. - 10.12.2022

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Dividend policy ; agency costs ; agency theory ; corporate governance mechanisms ; Zagreb stock exchange

Sažetak
The paper's primary goal is to identify the role of the dividend policy and related corporate governance mechanisms in reducing agency problem between management (agent) or large controlling shareholders and minority shareholders (principal). Another important goal of the research paper is approximating the agency costs. The turnover coefficient of total assets approximates this measure for the work. The agency costs are specific for joint-stock companies, and it results from the agency problem (when agents do not represent the best interests of principals), and it is not possible to measure it directly. Namely, the agency costs and the possibility of their reduction are linked to the legal protection of investors (principals) and the specifics of the joint-stock company's. Therefore, additional knowledge is essential in solving the agency problem in the insufficiently researched developing countries. Based on the results of the empirical research carried out as part of this paper, the significant role of dividend policy in explaining changes in the agency costs has been confirmed, which is in line with the majority of research carried out so far.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA