... level of agency costs. Originality/value The findings of this study confirm a positive association between voting syndicates and corporate value. Furthermore, to the best of the authors’ knowledge, this study is the first to examine the relationship between the presence of multiple SAs...

..., there is no trade-off relationship between managerial ownership and debt concerning the reduction of agency costs. Likewise, the study finds no convincing evidence that either the controlling shareholder or the corporate tax rate could influence or moderate this interrelationship. The conjecture lies in the fact...