The article considers the basic theoretical provisions of the agency theory with emphasis on the conflict of interests between shareholders and creditors of the company. The author offers covenants are one of the mechanisms of decrease in this conflict. The work gives the review of the main classifications of covenant. The paper presents the analysis of the works containing results of empirical researches based on the hypothesis of influence on the value of contracts.
Keywords: agency theory, conflict of interests, shareholders, creditors, active covenants, passive covenants, financial covenants, hypothesis of influence of contracts on cost
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