An empirical investigation of agency relationships and capital structure of property management firms in the UK
John Theis
(Mesa State College, Grand Junction, Colorado, USA)
Michael Casey
(Henderson State University, Arkadelphia, Arizona, USA)
2408
Abstract
This study examines the relationship between various agency factors and debt of property management firms in the UK. Findings indicate that debt is significantly inversely related to percentage of shares closely held, dividend yield and price‐to‐book ratio. Size, measured by sales volume, appears to be insignificant in determining debt level.
Keywords
Citation
Theis, J. and Casey, M. (1999), "An empirical investigation of agency relationships and capital structure of property management firms in the UK", Journal of Property Investment & Finance, Vol. 17 No. 1, pp. 27-34. https://doi.org/10.1108/14635789910252792
Publisher
:MCB UP Ltd
Copyright © 1999, MCB UP Limited