provide incentives, but also when outside managers are at a comparative advantage to lead the firm through a new growth phase …

firms and banks are subject to moral hazard and monitoring is essential. Multiple-bank lending is optimal whenever the … benefit of greater diversification in terms of higher monitoring dominates the costs of free-riding and duplication of efforts … less profitable, and poor financial integration, regulation and inefficient judicial systems increase monitoring costs …

the need to provide incentives for non-observable investment, taking into account transaction costs and imperfections in … compensation scheme are used to provide incentives within the same contract, joint analysis is important for a correct …

A substantial body of research investigates the design of incentives in firms, yet less is known about incentives in …. Third, contrary to existing laboratory evidence, financial incentives do not crowd out intrinsic motivation in this setting. …

incentives. They are also less likely to invest in monitoring devices. We also find that firms that offer seniority-based pay are … the provision of incentives. Unlike previous papers, we use a direct measure of seniority-based pay as well as measures of … monitoring devices and piece-rates. We find that firms that offer seniority-based pay are less likely to offer explicit …

capital. Particularly, we analyse such incentives and monitoring under employee ownership and capitalist ownership. In our …This paper studies the effect of ownership structure on workers’ incentives for investing in firm-specific human … show that the workers’ investment and expected income are higher and the monitoring intensity is lower in an employee …