Friend or foe? The link between agency cost and financialization in Turkey
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Tarih
2023
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
John Wiley & Sons Ltd
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
This study aims to investigate the link between agency cost and financialization in the Turkish manufacturing sector in the period of 1990-2017 with a novel empirical methodology. A two-step approach has been developed to examine financialization's effect on shareholder value orientation through agency costs. The first step employs a panel stochastic frontier analysis for measuring corporate efficiency, which is an inverse proxy of agency cost. In the second step, the link between financialization and corporate efficiency is investigated using panel data econometric models. The results show that agency cost leads the firms to use financialization instead of real investments.
Açıklama
Anahtar Kelimeler
Famıly Ownershıp, Busıness Groups, Shareholder Value, Fırm Performance, Technıcal Ineffıcıency, Fınancıng Constraınts, Investment, Fınancıalısatıon, Market, Lıberalızatıon
Kaynak
Managerial and Decision Economics
WoS Q Değeri
Q2
Scopus Q Değeri
Q2
Cilt
44
Sayı
3
