... specifications and an instrumental variable approach. Mechanism analyses examine Type I and Type II agency costs as mediators, while subgroup analyses assess the moderating effects of analyst attention and state ownership. Findings The results indicate an inverted U-shaped relationship between managerial...

... al., 2014 ; Aboud and Roberts, 2018 ; Leung and Verriest, 2019 , in European firms; Nakano, 2018 , in Japanese firms). However, the specific direction of the relationship is inconclusive [3] . Segment disclosure Proprietary cost Agency cost Product market competition Stock-based...