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Agency in Project Screening and Termination Decisions: Why Is Good Money Thrown After Bad?

Bai, Chong-en; Wang, Yijiang - William Davidson Institute, University of Michigan - 1997

We construct an agency model in which the planner (agent) makes project starting and termination decisions on behalf of …

Persistent link: https://www.econbiz.de/10005489869

Growth Slowdown Under Central Planning: A Model of Poor Incentives

Brixiová, Zuzana; Bulír, Aleš - William Davidson Institute, University of Michigan - 2002

Centrally planned economies tend to be less efficient than economies in which agents are free to choose their output targets, as well as the means to meet them. This paper presents a simple model of planner-manager interactions and shows how planned economies can end up in a low-effort,...

Persistent link: https://www.econbiz.de/10005489931

What incentives are being used by International Business Researchers in Their Surveys? A Review.

Chidlow, Agnieszka; Ghauri, Pervez N. - William Davidson Institute, University of Michigan - 2014

examines the types of incentives mentioned by international business scholars in mail surveys as well as how the use of such … incentives affects the response rate. This work uses a content analysis of articles published in four leading international … any type of incentives for enhancing the response rate. The most common incentives used by authors are confidentiality and …

Persistent link: https://www.econbiz.de/10011161381

Default Rates in the Loan Market for SMEs: Evidence from Slovakia

Fidrmuc, Jarko; Hainz, Christa; Malesich, Anton - William Davidson Institute, University of Michigan - 2006

Banks entering an emerging market face a lot of uncertainty about the risks involved in lending. We use a unique unbalanced panel of nearly 700 shortterm loans made to SMEs in Slovakia between January 2000 and June 2005. Of the loans granted, on average 6.0 per cent of the firms defaulted....

Persistent link: https://www.econbiz.de/10005652526

Incentives, Scale Economies, and Organizational Form

Maskin, Eric; Quan, Yingyi; Xu, Chenggang - William Davidson Institute, University of Michigan - 1997

, and (b) providing managerial incentives. We show that two particular organizational forms, the M-form (multidivisional …, under certain empirical assumptions, the M-form is likely to be strictly preferable once incentives are taken into account …

Persistent link: https://www.econbiz.de/10005652528

The emergence of large shareholders in mass privatized firms: Evidence from Poland and the Czech Republic

Grosfeld, Irena; Hashi, Iraj - William Davidson Institute, University of Michigan - 2004

Mass privatization offers a particularly suitable framework to study the change in ownership concentration as the extent of change is unusual for a stable market economy. Focusing on two different mass privatization schemes in two transition economies, Poland and the Czech Republic, we find that...

Persistent link: https://www.econbiz.de/10005652508

The Allocation and Monitoring Role of Capital Markets: Theory and International Evidence

Tadesse, Solomon - William Davidson Institute, University of Michigan - 2003

Capital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry...

Persistent link: https://www.econbiz.de/10005652524

Ownership, Control and Corporate Performance After Large-Scale Privatization

Hanousek, Jan; Evžen Ko?enda; Svejnar, Jan - William Davidson Institute, University of Michigan - 2004

cost without increasing profitability. The effects of concentrated foreign ownership support the agency theory and go …

Persistent link: https://www.econbiz.de/10005652527

Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia

Fan, Joseph P. H.; Wong, T.J. - William Davidson Institute, University of Michigan - 2001

In emerging markets, the concentration of corporate ownership has created agency conflicts between controlling owners … typically weak in containing the agency problem. This study examines whether external independent auditors could be employed as … monitors and as bonding mechanisms to alleviate the agency conflict. Using a broad sample of firms from eight East Asian …

Persistent link: https://www.econbiz.de/10005652532

Corporate Governance in China: Then and Now

Schipani, Cindy A.; Junhai, Liu - William Davidson Institute, University of Michigan - 2001

Corporate governance has become a globally debated topic. As multinational corporations enter new global markets, complications abound due to the myriad of corporate governance rules existing among the various legal systems. One example of the new markets becoming more available to American...

Persistent link: https://www.econbiz.de/10005652537