European Journals of Business Management

DETERMINANTS OF THE MANAGERIAL BEHAVIOR OF AGENCY COST AND ITS INFLUENTIAL EXTENT ON PERFORMANCE: A STUDY IN IRAQ

Prof. Dr. Moayad Mohammad Ali Fadhl Alfadhl

Abstract
This study aims to investigate the relationship between some determinants of managerial behavior and agency cost from one hand, and the impact of this relationship on firm performance from the other. In order for this study to achieve its objective, the researchers examine three variables representing the determinants of managerial behavior, namely: managerial ownership, information asymmetry, and percentage of firm debts. The approach uses data of a sample of 27 firms distributed to three economic sectors: banks, industry and services. The findingsin relation to ownership variable confirm there is a significant and non-linear correlation between managerial ownership and agency cost of ownership; and such relationship is affected by firm performance. As for the other two variables, the findings show there is no relationship between them and agency cost and no impact of performance on this relationship.

Key Words: Agency cost, managerial ownership, information asymmetry, debt ratio, performance, Iraq

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