158
Views
4
CrossRef citations to date
0
Altmetric
Original Articles

An empirical test of the agency problems and capital structure of South African quoted SMEs

&
Pages 51-65 | Received 01 Dec 2005, Accepted 01 Jun 2006, Published online: 03 Jun 2015

References

  • Amihud, Y. and Lev, B. (1981). Risk Reduction as a Managerial Motive for Conglomerate Mergers, Bell Journal of Economics, 12(2): 605–617.
  • Anderson, R. C. Mansi, S. A. and Reeb, D. M. (2003). Founding-Family Ownership and the Agency Cost of Debt, Journal of Financial Economics, 68: 263–285.
  • Anderson, R. C. and Reeb, D. M. (2003). Founding-Family Ownership, Corporate Diversification, and Firm Leverage, Journal of Law and Economics, XLVI: 653–684
  • Ang, J. S., Cole, R. A., and Lin, J. W. (2000). Agency Costs and Ownership Structure, The Journal of Finance, 55(1): 81–106.
  • Barnea, A., Haugen, R.A. and Senbet, L.W. (1980). A Rationale for Debt Maturity and Call Provision in the Agency Theoretic Framework, The Journal of Finance, 35(5): 1223–1234.
  • Berger, P.G., Ofek, E., and Yermack, D.L, (1997). Managerial Entrenchment and Capital Structure Decisions, The Journal of Finance, 52(4): 1411–1438.
  • Booth, L., Aivazian, V. Demirguc-Kunt, A. and Maksimovic, V. (2001). Capital Structures in Developing Countries, The Journal of Finance, 56(1): 87–130.
  • Bradley, M., Jarrel, G. A. and Han Kim, E. (1984). On the Existence of an Optimal Capital Structure: Theory and Evidence, The Journal of Finance, 39: 857–880.
  • Casey, K.M. and Anderson, D.C. (1997). A Note on Institutional Ownership and Capital Structure: Evidence from the Petroleum Industry, Oil and Gas Tax Quarterly, 45: 727–736.
  • Friend, I. and Hasbrouck, J. (1988). Determinants of Capital Structure, Research in Finance, 7(1): 1–19.
  • Friend, I. and Lang, L. (1988). An Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure, The Journal of Finance, 43(2): 271–281.
  • Fosberg, R. H. (2004). Agency Problems and Debt Financing: Leadership Structure Effects, Corporate Governance, International Journal of Business in Society, 4(1): 31 – 38.
  • Gursoy, G. and Aydogan, K. (2002). Equity Ownership, Risk Taking and Performance, Emerging Markets Finance and Trade, 38: 6–25.
  • Hamilton RT and Fox M.A. (1998). The Financing Preferences of Small Firm Owners. International Journal of Entrepreneurial Behaviour and Research, 4(3): 239–248.
  • Harris, M, and Raviv, A, (1988). Corporate Control Contests and Capital Structure: An Empirical Test, Managerial and Decision Economics, 15: 563–576.
  • Harris, M., and Raviv, A. (1990). Capital Structure and the Informational Role of Debt, The Journal of Finance, 45(2): 321–349.
  • Hutchinson, R.W. (1995). The Capital Structure and Investment Decision of the Small Owner-Managed Firm: Some Exploratory Issues, Small Business Economics, 7: 231– 239.
  • Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, 76: 323–329.
  • Jensen, M.C. and Meckling, W.H. (1976). Theory of the Firm: Managerial Behaviour, Agency Costs and Capital Structures, Journal of Financial Economics, 3: 305–360.
  • Jensen, G.R., Solberg, D. P. and Zorn, T.S. (1992). Simultaneous Determination of Insider Ownership, Debt and Dividend Policies, Journal of Financial and Quantitative Analysis, 27: 247–263
  • Jung, K, Kim, Y.C. and Stulz, R.M. (1996). Timing, Investment Opportunities, Managerial Discretion and the Security Issue Decision, Journal of Financial Economics, 42: 159–185.
  • Kim, W.S. and Sorensen, E.H. (1986). Evidence on the Impact of the Agency Costs of Debt in Corporate Debt Policy, Journal of Financial and Quantitative Analysis, 21: 131–144.
  • La Porta, R., Lopez de Silanez, F., Shleifer, A. and Vishny, R. (1998). Law and Finance, Journal of Political Economy, 106(6): 1113–1156.
  • Noe, T.H. and Rebello, M.J. (1996). Asymmetric Information, Managerial Opportunism, Financing, and Payout Policies, The Journal of Finance, 51(2): 637–660.
  • Ooi, J.T.L. (2000). Managerial Opportunism and the Capital Structure Decisions of Property Companies, Journal of Property Investment and Finance, 18(3): 316–331
  • Rajan, R. G. and Zingales, L. (1995). What Do We Know about Capital Structure: Some Evidence from International Data, The Journal of Finance, 50: 1421–1460.
  • Shleifer, A. and Vishny, R. (1986). Large Share holders and Corporate Control, Journal of Political Economy, 94: 461–488.
  • Stulz, R.M. (1988). Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control, Journal of Financial Economics, 13: 137–151.
  • Stulz, R. (1990). Managerial Discretion and Optimal Financing Policies, Journal of Financial Economics, 26: 3–27.
  • Theis, J. and Casey, M. (1999). An Empirical Investigation of Agency Relationships and Capital Structure of Property Management Firms in UK, Journal of Property Investment, 17(1): 27–33.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.