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decision making that social progress follows financial performance. For business, it calls for a move from shareholder to …
Persistent link: https://www.econbiz.de/10012583534
Milton Friedman has famously claimed that the responsibility of a manager who is not the owner of a firm is "to conduct the business in accordance with their [the shareholders'] desires, which generally will be to make as much money as possible." In this paper we argue that when contracts are...
Persistent link: https://www.econbiz.de/10011906086
Society's demands for individual and corporate social responsibility as an alternative response to market and distributive failures are becoming increasingly prominent. We first draw on recent developments in the "psychology and economics" of prosocial behavior to shed light on this trend, which...
Persistent link: https://www.econbiz.de/10003919857
This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...
Persistent link: https://www.econbiz.de/10003932236
This paper analyzes how policy changes affect shareholder wealth in the context of environmental regulation. We exploit the unique and unexpected German reaction to the Fukushima Daiichi nuclear disaster, which involved the immediate shutdown of almost half of Germany's nuclear reactors while...
Persistent link: https://www.econbiz.de/10009312120
One expects those who lead organisations to affect their performance. If not why would organisations spend so much time and money appointing and incentivising their leaders? Yet there is little evidence establishing a causal link between leaders and organisational performance. Using game-by-game...
Persistent link: https://www.econbiz.de/10012431585
This paper develops a novel method to identify the causal contribution of managers to team performance. The method … requires repeated random assignment of managers to multiple teams and controls for individuals' skills. A good manager is … someone who consistently causes their team to produce more than the sum of their parts. Good managers have roughly twice the …
Persistent link: https://www.econbiz.de/10014584405
together tasks; comparative advantage stimulates unbundling and specialisation. The estimates suggest that on average the … Netherlands has witnessed unbundling in the period 1996-2005, which implies that advantages of specialisation have increased …
Persistent link: https://www.econbiz.de/10009248035
We study the impact of managers on the success of professional soccer teams using data from the German "Bundesliga". We … evaluate the performance impact of individual managers by estimating regression models that include both team and manager fixed … effects, where we are exploiting the high turnover of managers between teams to disentangle the managers' contributions. We …
Persistent link: https://www.econbiz.de/10010417962
that has been addressed in the management literature. In a new 'theory of expert leadership' (TEL), this paper blends …-business industry; and (3) leadership capabilities, which include management skills and a leader's innate characteristics. This paper …
Persistent link: https://www.econbiz.de/10009539227