Testing Agency Theory With Entrepreneur Effort And Wealth  

Oleh:

Bitler, Marianne P. ; Moskowitz, Tobias J. ; Vissing-Jorgensen, Annette

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 2 (Apr. 2005), page 539-576.
Topik: agency; agency theory; studies; entrepreneurs; business ownership; equity; mathematical models; correlation analysis
Fulltext: p 539.pdf (210.3KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We develop a principal - agent model in an entrepreneurial setting is developed and the model's predictions are tested using unique data on entrepreneurial effort and wealth in privately held firms. Accounting for unobserved firm heterogeneity using instrumental-variables techniques, it is found that entrepreneurial ownership shares increase with outside wealth and decrease with firm risk, effort increases with ownership, and effort increases firm performance. The magnitude of the effects in the cross - section of firms suggests that agency costs may help explain why entrepreneurs concentrate large fractions of their wealth in firm equity. .

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