Impact of Agency Costs on Firm Performance: Evidence from Vietnam

IF 0.9 Q3 ECONOMICS

Organizations and Markets in Emerging Economies Pub Date : 2019-12-31 DOI:10.15388/omee.2019.10.15

Le Duc Hoang, T. M. Tuan, Pham Van Nha, T. T. Phuong

引用次数: 13

Abstract

An assumption in agency costs theory is that agency costs can exert a negative impact on firm performance. In this study, we examine the impact of agency costs on firm performance of Vietnamese listed companies. Our sample includes 736 companies in Vietnam during the period om 2010 to 2015. We find that agency costs exert a negative impact on firm performance. Our results are robust to alternative econometric models, including an instrumental variables technique and a system generalized method of moment model. In addition, we show that a debt instrument can be a useful tool to reduce the negative impact of agency costs on firm performance.

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代理成本对企业绩效的影响：来自越南的证据

代理成本理论中的一个假设是，代理成本会对企业绩效产生负面影响。本文研究了代理成本对越南上市公司绩效的影响。我们的样本包括2010年至2015年期间在越南的736家公司。我们发现代理成本对企业绩效有负向影响。我们的结果对其他计量模型具有鲁棒性，包括工具变量技术和系统广义矩模型方法。此外，我们表明债务工具可以是一个有用的工具，以减少代理成本对企业绩效的负面影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Organizations and Markets in Emerging Economies ECONOMICS-

CiteScore

1.60

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： The journal aims to contribute to the development and dissemination of multidisciplinary knowledge on organizations and markets in emerging economies, to increase dialogue among scholars focused on a specific emerging economy or region and to encourage and give an outlet to high quality scholarship, both local and international, to this subject. Organizations and Markets in Emerging Economies welcomes analysis of emerging economies from the perspectives of organizational sciences, marketing, economics, finance and related disciplines. The journal appreciates studies that highlight specificities and patterns that occur in emerging economies and develop new empirical and theoretical knowledge on the subject.