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首页> 外文期刊>Journal of Finance and Investment Analysis >Mediating Effect of Agency Cost on the Relationship between Ownership Structure and Firm Value
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Mediating Effect of Agency Cost on the Relationship between Ownership Structure and Firm Value

机译：代理成本对所有制结构与公司价值关系的调解效应

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In the absence of agency conflicts, firm management can pursue investmentsthat maximize shareholders wealth. This paper sought to establish the mediatingeffect of agency costs on relationship between ownership structure and value ofcompanies listed at the Nairobi Securities Exchange. The study populationconsisted of 64 listed firms as at 31st December 2017. Generalized leastsquares estimator was fitted for the analysis. The findings reveal thatmanagerial ownership transmit a negative influence onto value of the firmthrough managerial discretionary expenses utilization. On the contrast, foreignownership transmit a positive influence on the value of listed firms throughefficacy in the utilization of managerial discretionary expenses. Institutionalownership enhance value directly but not indirectly via application ofmanagerial expenses. The findings extend predictions beyond the direct linkbetween ownership and firm value. The study support contemporary practices incorporate governance of designing costs control mechanism and setting targetcost efficiency ratio to maximize shareholders value.
机译：在没有代理冲突的情况下，公司管理层可以追求投资者最大限度地提高股东财富。本文试图建立机构成本对内罗毕证券交易所上市的所有权结构和价值之间的关系的调解率。截至2017年12月31日，该研究人员可获得64家上市公司。广义最不适合分析的估算。调查结果揭示了广告制造者的所有权对透明管理自由裁量费用的价值产生负面影响。相比之下，外国人在利用管理自由裁量费用中对上市公司的价值发动了积极影响。制度化淘汰机直接提升价值，但不通过申请管理费用。调查结果扩展了超出直系统所有权和公司价值的预测。该研究支持当代实践，纳入设计成本控制机制的治理和设定目标效率比率，以最大限度地提高股东价值。

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