Agency costs and the size discount: evidence from acquisitions
Descripción del Articulo
Many scholars have found a negative relationship between a firm’s size and its value, as measured by Tobin’s q. This result is called the size discount. There are hypotheses about why the size discount exists, but none have been rigorously empirically tested. This paper argues that the size discount...
| Autor: | |
|---|---|
| Formato: | artículo |
| Fecha de Publicación: | 2010 |
| Institución: | Universidad ESAN |
| Repositorio: | ESAN-Institucional |
| Lenguaje: | inglés |
| OAI Identifier: | oai:repositorio.esan.edu.pe:20.500.12640/2661 |
| Enlace del recurso: | https://revistas.esan.edu.pe/index.php/jefas/article/view/270 https://hdl.handle.net/20.500.12640/2661 https://doi.org/10.46631/jefas.2010.v15n29.05 |
| Nivel de acceso: | acceso abierto |
| Materia: | Agency costs Size discount Acquisitions Corporate governance Costos de agencia Descuento por tamaño Adquisiciones Gobierno corporativo https://purl.org/pe-repo/ocde/ford#5.02.04 |
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Offenberg, David2021-11-09T02:13:15Z2021-11-09T02:13:15Z2010-12-30https://revistas.esan.edu.pe/index.php/jefas/article/view/270Offenberg, D. (2010). Agency costs and the size discount: evidence from acquisitions. Journal of Economics, Finance and Administrative Science, 15(29), 73-93. https://doi.org/10.46631/jefas.2010.v15n29.05https://hdl.handle.net/20.500.12640/2661https://doi.org/10.46631/jefas.2010.v15n29.05Many scholars have found a negative relationship between a firm’s size and its value, as measured by Tobin’s q. This result is called the size discount. There are hypotheses about why the size discount exists, but none have been rigorously empirically tested. This paper argues that the size discount is created by the inability of shareholders to minimize agency costs in larger companies. Statistical tests suggest that the size discount only appears in large firms with managers that impose excessive agency costs upon their shareholders. Empiricists who use Tobin’s q to proxy for growth opportunities may need a different proxy.Muchos académicos han encontrado una relación negativa entre el tamaño de la firma y su valor, calculada según el q de Tobin. El resultado se llama el descuento por tamaño. Existen múltiples hipótesis que tratan de explicar por qué el descuen-to por tamaño se produce, pero ninguna ha sido empíricamente examinada con rigurosidad. Este estudio argumenta que el descuento por tamaño se crea debido a la inhabilidad de los accionistas para minimizar los costos de agencia en las grandes empresas. Las pruebas estadísticas sugieren que el descuento por tamaño solo aparece en las empresas grandes con gerentes que imponen costos de agencia excesivos a los accionistas. Los empíricos que usan el q de Tobin para representar factores de oportunidades de crecimiento necesitarán un factor diferente.application/pdfInglésengUniversidad ESAN. ESAN EdicionesPEurn:issn:2218-0648https://revistas.esan.edu.pe/index.php/jefas/article/view/270/158Attribution 4.0 Internationalinfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by/4.0/Agency costsSize discountAcquisitionsCorporate governanceCostos de agenciaDescuento por tamañoAdquisicionesGobierno corporativohttps://purl.org/pe-repo/ocde/ford#5.02.04Agency costs and the size discount: evidence from acquisitionsinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtículoreponame:ESAN-Institucionalinstname:Universidad ESANinstacron:ESANJournal of Economics, Finance and Administrative Science93297315Acceso abiertoTHUMBNAIL29.jpg29.jpgimage/jpeg303787https://repositorio.esan.edu.pe/bitstreams/04af1d36-3f3a-4a3b-805d-b458fbbb5669/download9c3d9ae9348c053a9e4ababeb79d8932MD51falseAnonymousREADJEFAS-29-2010-73-93.pdf.jpgJEFAS-29-2010-73-93.pdf.jpgGenerated Thumbnailimage/jpeg4404https://repositorio.esan.edu.pe/bitstreams/490dd2af-d57c-4318-897f-7e5bfae48c4c/downloadaefc9be8f2ac7d4cea28e01e52e01c91MD54falseAnonymousREADORIGINALJEFAS-29-2010-73-93.pdfTexto completoapplication/pdf607988https://repositorio.esan.edu.pe/bitstreams/8c9a3399-aac5-4563-86a9-68d24b10e587/downloadac414c2c7e4b7d595054a535a317e875MD52trueAnonymousREADTEXTJEFAS-29-2010-73-93.pdf.txtJEFAS-29-2010-73-93.pdf.txtExtracted texttext/plain69890https://repositorio.esan.edu.pe/bitstreams/69660180-9efb-401f-9ef1-70413c443eb4/downloada583c859b853f4ec031722bc2f425c7fMD53falseAnonymousREAD20.500.12640/2661oai:repositorio.esan.edu.pe:20.500.12640/26612025-07-09 09:30:10.589https://creativecommons.org/licenses/by/4.0/Attribution 4.0 Internationalopen.accesshttps://repositorio.esan.edu.peRepositorio Institucional ESANrepositorio@esan.edu.pe |
| dc.title.en_EN.fl_str_mv |
Agency costs and the size discount: evidence from acquisitions |
| title |
Agency costs and the size discount: evidence from acquisitions |
| spellingShingle |
Agency costs and the size discount: evidence from acquisitions Offenberg, David Agency costs Size discount Acquisitions Corporate governance Costos de agencia Descuento por tamaño Adquisiciones Gobierno corporativo https://purl.org/pe-repo/ocde/ford#5.02.04 |
| title_short |
Agency costs and the size discount: evidence from acquisitions |
| title_full |
Agency costs and the size discount: evidence from acquisitions |
| title_fullStr |
Agency costs and the size discount: evidence from acquisitions |
| title_full_unstemmed |
Agency costs and the size discount: evidence from acquisitions |
| title_sort |
Agency costs and the size discount: evidence from acquisitions |
| author |
Offenberg, David |
| author_facet |
Offenberg, David |
| author_role |
author |
| dc.contributor.author.fl_str_mv |
Offenberg, David |
| dc.subject.en_EN.fl_str_mv |
Agency costs Size discount Acquisitions Corporate governance |
| topic |
Agency costs Size discount Acquisitions Corporate governance Costos de agencia Descuento por tamaño Adquisiciones Gobierno corporativo https://purl.org/pe-repo/ocde/ford#5.02.04 |
| dc.subject.es_ES.fl_str_mv |
Costos de agencia Descuento por tamaño Adquisiciones Gobierno corporativo |
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https://purl.org/pe-repo/ocde/ford#5.02.04 |
| description |
Many scholars have found a negative relationship between a firm’s size and its value, as measured by Tobin’s q. This result is called the size discount. There are hypotheses about why the size discount exists, but none have been rigorously empirically tested. This paper argues that the size discount is created by the inability of shareholders to minimize agency costs in larger companies. Statistical tests suggest that the size discount only appears in large firms with managers that impose excessive agency costs upon their shareholders. Empiricists who use Tobin’s q to proxy for growth opportunities may need a different proxy. |
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2010 |
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2021-11-09T02:13:15Z |
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2021-11-09T02:13:15Z |
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2010-12-30 |
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Artículo |
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https://revistas.esan.edu.pe/index.php/jefas/article/view/270 |
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Offenberg, D. (2010). Agency costs and the size discount: evidence from acquisitions. Journal of Economics, Finance and Administrative Science, 15(29), 73-93. https://doi.org/10.46631/jefas.2010.v15n29.05 |
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https://hdl.handle.net/20.500.12640/2661 |
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https://doi.org/10.46631/jefas.2010.v15n29.05 |
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https://revistas.esan.edu.pe/index.php/jefas/article/view/270 https://hdl.handle.net/20.500.12640/2661 https://doi.org/10.46631/jefas.2010.v15n29.05 |
| identifier_str_mv |
Offenberg, D. (2010). Agency costs and the size discount: evidence from acquisitions. Journal of Economics, Finance and Administrative Science, 15(29), 73-93. https://doi.org/10.46631/jefas.2010.v15n29.05 |
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Inglés |
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eng |
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La información contenida en este registro es de entera responsabilidad de la institución que gestiona el repositorio institucional donde esta contenido este documento o set de datos. El CONCYTEC no se hace responsable por los contenidos (publicaciones y/o datos) accesibles a través del Repositorio Nacional Digital de Ciencia, Tecnología e Innovación de Acceso Abierto (ALICIA).
La información contenida en este registro es de entera responsabilidad de la institución que gestiona el repositorio institucional donde esta contenido este documento o set de datos. El CONCYTEC no se hace responsable por los contenidos (publicaciones y/o datos) accesibles a través del Repositorio Nacional Digital de Ciencia, Tecnología e Innovación de Acceso Abierto (ALICIA).
