Abstract
This paper focuses on the links that exist between corporate governance attributes and equity agency conflicts for the top 500 Australian listed firms. Our proxies for equity agency conflicts (asset utilisation and discretionary operating expense ratios) vary significantly across firms and are generally lower than those for large U.S. firms and U.K. firms. Consistent with previous studies, inside ownership, board size, board leadership and short-term debt financing, are positively related with efficient use of assets, but not with reduced discretionary operating expenses. There is evidence of a non-linear relation between the measures of efficiency and both inside ownership and board size.
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