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The Agency Theory Applied to the Investment Funds

Author

Listed:
  • Flavia Zoboli Dalmacio

    (FUCAPE - Capixaba Foundation for Research in Accounting, Economy and Finance)

  • Valcemiro Nossa

    (FUCAPE - Capixaba Foundation for Research in Accounting, Economy and Finance)

Abstract

This article seeks to verify the existence of a relationship between the rate of remuneration charged by the administrators of investment funds and the profitability of these portfolios, under the perspective of the Agency Theory. The Agency Theory seeks to explain the conflicts of interest that can arise from the contractual relationship between a principal and an agent. The agent is the individual who, motivated by his own interests, undertakes to do certain tasks for the principal. This work was developed from a bibliographical review and, based on experimental research, empirical investigations were made, the principal object of which was the test of the hypothesis with relation to cause-effect that could exist between the administration tax and the profitability of the investment funds. However, the results obtained by means of the use of statistical tests did not sustain the hypothesis raised in this work.

Suggested Citation

  • Flavia Zoboli Dalmacio & Valcemiro Nossa, 2004. "The Agency Theory Applied to the Investment Funds," Brazilian Business Review, Fucape Business School, vol. 1(1), pages 31-44, January.
    • Handle: RePEc:bbz:fcpbbr:v:1:y:2004:i:1:p:31-44
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    Cited by:

    1. Hafinaz Hasniyanti Hassan, 2018. "Conceptual Framework for the Determinants of Mutual Fund Performance in Malaysia," GATR Journals jfbr146, Global Academy of Training and Research (GATR) Enterprise.
    2. Alberto Gennaro & Thibaut Mastrolia, 2024. "Delegated portfolio management with random default," Papers 2410.13103, arXiv.org.

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