دانلود رایگان مقاله انگلیسی آژانس یا نظارت ؟: تاثیر ساختار رهبری بر تامین بدهی شرکت های مسکن - امرالد 2017

Structured Abstract:

Purpose: This study empirically investigates agency and stewardship theories in the U.S. lodging market by examining the influence of fiscal and non-fiscal leadership structures on the debt financing decisions of lodging firms. Design/methodology/approach: Secondary financial data were collected for U.S.-based lodging firms. Subsequently, bivariate correlation, pooled OLS (Ordinary Least Square), and endogeneity analyses were performed on the data. Findings: The findings support the significant influence of some corporate governance attributes on the capital structure of U.S. lodging firms and show the limited applicability of agency and stewardship theories. Practical implications: Theoretical and managerial implications are suggested in terms of balancing leadership structure attributes from the agency and stewardship theories, the capital structure of lodging firms, and future research. Originality/value: Despite its importance considering the intensive capital and relatively high liabilities needed for success in the lodging industry, the influence of leadership structure on capital structure has not been examined either empirically or theoretically. Leadership structure attributes, both fiscal and non-fiscal, are included in the study to gain a richer understanding of their influence. The outcomes of the analysis suggest managerial implications for leadership structure as well as theoretical generalizability for agency and stewardship theories within the lodging industry.

Limitations and Future Research

Limitations of this study include a limited data set, single country limitation, and different management affiliations. First, the complete data set includes the financial data as well as the stock options of CEOs, officers, and directors and the duality and tenure of CEOs. Since only those companies providing complete information could be included in the study, survival bias is possible. Second, because the data were only collected from U.S.-based lodging firms, the findings may not apply to other countries. For example, some cultures with lower power distances (i.e., stronger self-regulation than institutional management) or higher collectivism may show stronger stewardship tendencies than others, which could lead to different results. Finally, different types of management affiliations, as found in the lodging industry (e.g., separation of a company into parent, owner, management, and chains), could be a way to manage financial risks. These different types of affiliations between parents and other affiliates could significantly influence both capital structure and financial risks. These limitations suggest potential avenues for future research. First, a more complete set of data would provide a better understanding of the influence of leadership structure attributes on capital structure. Second, it would be interesting to investigate whether there is a cultural component that influences the relationship between leadership attributes and capital structure. Finally, combining financial risks with the influences of different managerial affiliations on capital structure would be an interesting topic to pursue in a future study.