Impact of the rights of stockholders, creditors and labor on the agency costs of companies listed in Tehran Stock Exchange

Abstract

Abstract. The objective of this study is to examine the impact of the rights of shareholders, creditors, and labors as independent variables on the agency costs (corporate debt). To this end, 130 listed companies in the Tehran Stock Exchange from 2008 to 2013 were selected as the sample using elimination method, and the data were analyzed. To achieve the research objectives, 3 hypotheses were formulated and tested. The statistical technique used to test the hypotheses is multivariate regression. The results of statistical analysis of the research hypothesis shows that a the rights of labor, shareholder and creditors (as independent variables) were found to have significant positive correlation with agency costs (as dependent variable) measured by the index of long-term liabilities. According to test results, all three proposed hypotheses were confirmed with a high percentage of confidence.