<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422021000100005</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2021.2384</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The impact of the characteristics and behaviors of the board of directors on agency costs in Iran]]></article-title>
<article-title xml:lang="es"><![CDATA[El impacto de las características y comportamientos de la junta directiva sobre costos de agencia en Irán]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Salehi]]></surname>
<given-names><![CDATA[Mahdi]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sadatifar]]></surname>
<given-names><![CDATA[Zakiyeh]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Adibian]]></surname>
<given-names><![CDATA[Mohammad Sadegh]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Ferdowsi University of Mashhad  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Iran</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2021</year>
</pub-date>
<volume>66</volume>
<numero>1</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422021000100005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422021000100005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422021000100005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The present study aims to identify the contributing factors to agency costs in Iran applying panel data technique for financial data of 112 listed companies on the Tehran Stock Exchange from 2011 through 2017. Three models of measurement namely (1) inverse asset turnover ratio; (2) operational cost to sales ratio; and (3) the index obtained from the factor analysis of inverse variables of asset ratio and operational cost to sales ratio are used. The obtained results indicate that the greater number of board directors&#8217; meeting may improve the level of agency costs (based on two cost models), and it also may increase the level of agency costs (based on one model). Second, the results of the paper show that the higher educational level of boards&#8217; members may also decrease the agency cost. Moreover, we evidence that the presence of women in the board of directors, and the ownership of firms&#8217; share by the members of the board of directors may increase the level of agency cost for firms. Since only one (out of three) model suggests these associations, our findings are less severe in these regards. Further analyses document that appointing one of the board director&#8217;s members as chief executive officer (CEO duality) plies no effective role in mitigating the agency cost. The similar findings, based on our three cost models, suggest a robust conclusion in this context.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente estudio tiene como objetivo identificar los factores que contribuyen a los costos de agencia en Irán aplicando la técnica de datos de panel para datos financieros de 112 empresas que cotizan en la Bolsa de Valores de Teherán desde 2011 hasta 2017. Tres modelos de medición, a saber (1) índice de rotación de activos inversa; (2) relación entre el costo operativo y las ventas; y (3) se utiliza el índice obtenido del análisis factorial de variables inversas de razón de activos y razón de costo operacional a ventas. Los resultados obtenidos indican que el mayor número de juntas de directores puede mejorar el nivel de costos de agencia (basado en dos modelos de costos), y también puede aumentar el nivel de costos de agencia (basado en un modelo). En segundo lugar, los resultados del documento muestran que el mayor nivel educativo de los miembros de las juntas también puede reducir el costo de la agencia. Además, evidenciamos que la presencia de mujeres en la junta directiva y la propiedad de la participación de las empresas por parte de los miembros de la junta directiva pueden aumentar el nivel de costo de agencia para las empresas. Dado que solo uno (de cada tres) modelo sugiere estas asociaciones, nuestros hallazgos son menos severos en estos aspectos. Los análisis adicionales documentan que nombrar a uno de los miembros del director de la junta como director ejecutivo (dualidad del CEO) no desempeña un papel efectivo en la mitigación del costo de la agencia. Los hallazgos similares, basados en nuestros tres modelos de costos, sugieren una conclusión sólida en este contexto.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Agency costs]]></kwd>
<kwd lng="en"><![CDATA[Factor analysis]]></kwd>
<kwd lng="en"><![CDATA[Board expertise]]></kwd>
<kwd lng="en"><![CDATA[The presence of women on the board]]></kwd>
<kwd lng="en"><![CDATA[CEO duality]]></kwd>
<kwd lng="en"><![CDATA[compensation]]></kwd>
<kwd lng="en"><![CDATA[G10]]></kwd>
<kwd lng="en"><![CDATA[M42]]></kwd>
<kwd lng="en"><![CDATA[M41]]></kwd>
<kwd lng="es"><![CDATA[Costos de agencia]]></kwd>
<kwd lng="es"><![CDATA[Análisis factorial]]></kwd>
<kwd lng="es"><![CDATA[Experiencia de la junta]]></kwd>
<kwd lng="es"><![CDATA[La presencia de mujeres en el tablero]]></kwd>
<kwd lng="es"><![CDATA[Dualidad de CEO]]></kwd>
<kwd lng="es"><![CDATA[Compensación]]></kwd>
<kwd lng="es"><![CDATA[G10]]></kwd>
<kwd lng="es"><![CDATA[M42]]></kwd>
<kwd lng="es"><![CDATA[M41]]></kwd>
</kwd-group>
</article-meta>
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