RECENT DEVELOPMENT OF THE AGENCY THEORY AND CAPITAL STRUCTURE

This paper aims at updating our understanding of recent research development of the agency theory and capital structure issues. For this purpose, we first introduce the recent studies regarding the theoretical development of the agency theory and capital structure issues. Then, we survey the studies that provide the US empirical evidence. We further survey the studies supplying the international empirical evidence other than US. Finally, we introduce the evidence of the agency theory and capital structure issues from the survey research.