대리문제에 의한 기업의 경영자지분율의 결정요인에 관한 연구

Agency Problems and the Determinants of Managerial Stock Ownership

This study investigates the determinants of managerial stock ownership in the firm within the framework of agency theory through the examination of six variables- dividend pay out ratio, debt, ratio, institutional stock ownership, firm size, growth rate, and business risk. The results reveals that managerial common stock ownership is inversely related to the firm's dividend payout ratio and debt level as predicted. This study also hypothesizes that the managerial ownership is inversely related to the extent of monitoring by institutional investors. Consistent with this hypothesis, institutional stock ownership is found to be negatively related to the managerial equity holdings in the firm. However, this study suggests that both the firm size and the business risk have statistically insignificant impact on managerial stock ownership in the firm