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Gibbons, Robert - 1996

This paper surveys two related pieces of the labor-economics literature: incentive pay and careers in organizations. In the discussion of incentives, I first summarize theory and evidence related to the classic agency model, which emphasizes the tradeoff between insurance and incentives. I then...

Persistent link: https://www.econbiz.de/10012473133

The boundary of the firm in a model of trade within a hierarchy

Levy, Nadav (contributor) - 2003 - [Elektronische Ressource]

-world multidivisional firms: Operative decisions are in the hands of middle managers who are rewarded with incentive contracts based on the … performance of their units; Managers' decisions are subject to approval and intervention by the top management of the firm; and … managers are better informed regarding the affairs of their divisions than their superiors in the firm's hierarchy. In this …

Persistent link: https://www.econbiz.de/10002200406

Managerial Value Diversion and Shareholder Wealth

Bebchuk, Lucian Arye - 2000

managers. We question this view within its own analytical framework by studying, in a principal-agent model, the effects of … diversion overlooks a significant cost of such behavior. Many common modes of compensation can provide managers with incentives …

Persistent link: https://www.econbiz.de/10012471137

Performance Incentives Within Firms : The Effect of Managerial Responsibility

Aggarwal, Rajesh K. - 1999

executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution …

Persistent link: https://www.econbiz.de/10012471450

Risk Perceptions, Board Networks, and Directors' Monitoring

Ding, Wenzhi; Chen, Lin; Schmid, Thomas; Weisbach, … - National Bureau of Economic Research - 2021

What makes independent directors perform their monitoring duty? One possible reason is that they are worried about being sanctioned by regulators if they do not monitor sufficiently well. Using unique features of the Chinese financial market, we estimate the extent to which independent...

Persistent link: https://www.econbiz.de/10012585458

The Allocation of Authority in Organizations : A Field Experiment with Bureaucrats

Bandiera, Oriana - 2020

We design a field experiment to study how the allocation of authority between frontline procurement officers and their monitors affects performance both directly and through the response to incentives. In collaboration with the government of Punjab, Pakistan, we shift authority from monitors to...

Persistent link: https://www.econbiz.de/10012479257

Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives

Gilje, Erik P. - 2019

We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to …

Persistent link: https://www.econbiz.de/10012479596

CEO-Board Dynamics

Graham, John R. - 2019

We examine CEO-board dynamics using a new panel dataset that spans 1920 to 2011. The long sample allows us to perform within-firm and within-CEO tests over a long horizon, many for the first time in the governance literature. Consistent with theories of bargaining or dynamic contracting, we find...

Persistent link: https://www.econbiz.de/10012479953

Tractability in Incentive Contracting

Edmans, Alex - 2009

This paper identifies a class of multiperiod agency problems in which the optimal contract is tractable (attainable in closed form). By modeling the noise before the action in each period, we force the contract to provide sufficient incentives state-by-state, rather than merely on average. This...

Persistent link: https://www.econbiz.de/10012463104

Stock-Based Compensation and CEO (Dis)Incentives

Benmelech, Efraim - 2008

Stock-based compensation is the standard solution to agency problems between shareholders and managers. In a dynamic … managers to work harder, it also induces them to hide any worsening of the firm's investment opportunities by following largely …-valued while managers hide the bad news to shareholders. We find that a firm-specific compensation package based on both stock and …

Persistent link: https://www.econbiz.de/10012464915

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