aPhD., Raja Qazvinfaculty memberinstitution of higher education, Iran
bFaculty member of, PNU, Mahalat, Iran
cGraduate studentaccounting, PNU, Mahalat, Iran
dMaster of Accounting, PNU, Mahalat, Iran
This paper attempts to reproduce previous empirical work related to agency theory. The relationship between managerial ownership of firm stock, firms dividends, and firm leverage as independent variables are regressed against standard deviation of monthly stock returns, a proxy variable for the diversity cost to managers of owning stock, the earnings volatility of the firm, advertising + R&D expenses as a proxy for discretionary investment, and firm size as measured by assets.
agency theory, leverage, managerial stock ownership, dividends
