caa a22 4500 605484074 CHVBK 20210128100434.0 cr unu---uuuuu 210128e20150801xx s 000 0 eng 10.1007/s10551-014-2211-y doi (NATIONALLICENCE)springer-10.1007/s10551-014-2211-y Rashid Afzalur School of Commerce, University of Southern Queensland, 4350, Toowoomba, QLD, Australia aut Revisiting Agency Theory: Evidence of Board Independence and Agency Cost from Bangladesh [Elektronische Daten] [Afzalur Rashid] This study examines the influence of board independence on firm agency cost among listed firms in Bangladesh, which feature concentrated ownership and high insider representation on corporate boards. This study uses three measures of agency cost: the ‘expense ratio', the ‘Q-free cash flow interaction' and the ‘asset utilization ratio'. The finding of the study is that board independence can reduce the firm agency cost only under ‘asset utilization ratio' measure of agency cost. These findings are robust to several robustness tests. Furthermore, the non-linearity tests suggest that the benefit of outside independent directors is generally plausible as a factor controlling agency costs in the case of a medium level of board independence. Overall, these findings do not reject the validity of agency theory, supporting the Anglo-American orthodoxy promoting outside independent directors as good monitors. Springer Science+Business Media Dordrecht, 2014 Agency theory nationallicence Board independence nationallicence Resource dependence theory nationallicence Stewardship theory nationallicence Journal of Business Ethics Springer Netherlands 130/1(2015-08-01), 181-198 0167-4544 130:1<181 2015 130 10551 https://doi.org/10.1007/s10551-014-2211-y text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10551-014-2211-y text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Rashid Afzalur School of Commerce, University of Southern Queensland, 4350, Toowoomba, QLD, Australia aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 130/1(2015-08-01), 181-198 0167-4544 130:1<181 2015 130 10551