We model the effects of product market competition on agency costs, and develop two main empirical predictions. First, competition, by reducing agency costs, unambiguously increases the importance firms place on quality improvements. This leads to higher powered incentives, and in turn to...

Nous modelisons les effets de la concurrence du marche des produits sur les couts de delegation et y allons de deux grandes previsions d'ordre empirique. D'abord, la concurrence, en diminuant les couts de delegation, accroit nettement l'importance qu'attachent les entreprises a l'amelioration de...