Agency Costs and Ownership Structure in Oil Industry

Rafael Pessoa Delgado and Claudio Henrique Barbedo

RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), 2019, vol. 23, issue 4, 476-498

Abstract: 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.

Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
https://rac.anpad.org.br/index.php/rac/article/view/1347/1393 (text/html)
https://rac.anpad.org.br/index.php/rac/article/download/1347/1393 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:abg:anprac:v:23:y:2019:i:4:1347

Access Statistics for this article

RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration) is currently edited by Marcelo de Souza Bispo

More articles in RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration) from ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
Bibliographic data for series maintained by Information Technology of ANPAD ().