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This paper argues that mainstream economic the- ory, far from providing an indisputable plea in favor of shareholder value-maximization, o ers striking arguments showing quite the opposite: pro t maximization cannot be a legitimate prioritar- ian goal for private rms. This opens the door for a...
Persistent link: https://www.econbiz.de/10009207103
This paper argues that mainstream economic theory, far from providing an indisputable plea in favor of shareholder value-maximization, offers striking arguments showing quite the opposite : profit-maximization cannot be a legitimate goal for private firms. This opens the door for a widening of a...
Persistent link: https://www.econbiz.de/10011025817
Cet article étudie l'évolution et les effets incitatifs des stock-options attribuées aux dirigeants de dix-huit entreprises du CAC40 entre 1994 et 2003. Une base de données portant sur 184 plans d'attribution de stock-options par ces entreprises est utilisée afin de suivre l'évolution et...
Persistent link: https://www.econbiz.de/10008793488
. Nevertheless, this optimal utilisation is lessened by weak or even negative incentives which may lead to a sub-optimal equilibrium …
Persistent link: https://www.econbiz.de/10009372638
This paper examines the incentives from stock options for loss-averse employees subject to probability weighting …, the model predicts that incentives are maximized for strike prices set around the stock price at inception. This finding …
Persistent link: https://www.econbiz.de/10009295308
different incentives, in particular strong monetary incentives ; i.e. that make miscalibration costly. Our main result is that a …
Persistent link: https://www.econbiz.de/10010738661
This paper is an attempt to understand how rules operate in organisations. I focus on the links between organisational routines and rules that are defined as incomplete since they come to their application. I analyse the role of routines in managing the incompleteness of rules. I present a case...
Persistent link: https://www.econbiz.de/10010738811
experimental design also allows us to investigate the impact of monetary incentives in the gain domain. The main result is twofold … choices significantly differ in the gain domain. Our results suggest that the use of monetary incentives may be more crucial …
Persistent link: https://www.econbiz.de/10011025585
with managers from companies with different incentives, work habits and recruiting methods. In this paper, we investigate …, which occur in both compensation incentives and team composition. The results of a real task experiment conducted with … managers within a large pharmaceutical company not only show that changes in compensation incentives affect performance but …
Persistent link: https://www.econbiz.de/10009647586
In this paper, we analyze group incentives when a proportion of agents feel in- equity aversion as defined by Fehr and … show that a tournament provides strong incentives to agents who only care about their own payo¤ but that it is not …
Persistent link: https://www.econbiz.de/10008788937