Agency Costs and Ownership Structure in Oil Industry

RAC: Revista de Administração Contemporânea

Claudio Henrique da Silveira Barbedo¹  Rafael Pessoa Delgado¹ 

[1] Instituto Brasileiro de Mercado de Capitais, Faculdade de Economia;

关键词: custos de agência;    governança;    governo;    estrutura de propriedade;    petróleo;   

DOI  :  10.1590/1982-7849rac2019180068

来源: DOAJ

【 摘 要 】

This work focuses on analyzing the influence of government ownership of oil companies listed on US stock exchanges on its agency costs, taking into account characteristics of such companies that may interfere on this relationship. Results indicate that companies on which governments hold a stake tend to present higher agency costs than its private peers when we consider asset utilization efficiency. Measuring it by a discretionary expenses index, the coefficients suggest the same conclusion, although they are not statistically significant. In addition, companies’ size and leverage were found to be relevant factors.

【 授权许可】

Unknown