تكاليف الوكالة و الحاكمية المؤسسية : دليل من الشركات الصناعية الأردنية المدرجة في بورصة عمان للأوراق المالية

الملخص EN

This study aims at investigating the impact of some internal corporate governance mechanisms on agency costs of industrial Jordanian firms listed in the Amman Stock Exchange during the period of 2000-2013.

These Mechanisms are (1.

debt financing, 2.

institutional ownership, 3.

board size 4.

managerial compensation).

The study also aims at investigating the impact of growth opportunities and firm size on the agency costs.

The assets turnover ratio is a proxy for agency costs using time series-cross-sectional data analysis (Panel Data Analysis) for 58 industrial Jordanian firms.

The study finds that: 1.

There is a negative relationship between debt financing and agency costs.

2.

Agency costs are higher for firms with large boards than those with small boards.

3.

Negative relationship between the managerial compensation and agency cost.

4.

There is no relationship between institution ownership and agency costs.

The study recommends the necessity of reducing the asymmetric information problem in Amman Stock Exchange by increasing the level of disclosure in order to increase the level of transparency and reduce the agency problems