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Tournaments and Managerial Incentives in China's Listed Firms : New Evidence
Kato, Takao; Long, Cheryl - 2021
an optimal response of the winner's prize to the size of the contestant pool is more evident for China's listed firms … to decide on the tournament winner). Using comprehensive financial and accounting data on China's listed firms from 1998 … effort and hence improved firm performance, and that the performance effect of the winner's prize is greater for China …
Persistent link: https://www.econbiz.de/10013324940
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The Interdependence of R&D Activity and Debt Financing of Young Firms
Fryges, Helmut - 2011
We investigate the interdependence of debt financing and R&D activities of young firms. Using micro-level data of the KfW/ZEW Start-up Panel, our estimation results show that firm characteristics are more important than personal characteristics of the founders for explaining young firms'...
Persistent link: https://www.econbiz.de/10013117119
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The Value of Business Networks in Emerging Economies : An Analysis of Firms' External Financing Opportunities
Owolabi, Oluwarotimi Ayokunnu - 2011
The paper argues that networked firms are likely to have an advantage in securing external finance in countries with weak legal and judicial institutions since it helps financial institutions to minimize the underlying agency costs of lending. An analysis of recent BEEPS data from fifteen...
Persistent link: https://www.econbiz.de/10013124471
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Inflation Expectations and Corporate Borrowing Decisions : New Causal Evidence
Ropele, Tiziano; Gorodnichenko, Yuriy; Coibion, Olivier - 2022
We match survey data of Italian firms that includes a repeated experiment in which information about inflation is randomly provided to firms over time with detailed credit data that covers the borrowing decisions of firms. This allows us to study how exogenous variation in inflation expectations...
Persistent link: https://www.econbiz.de/10014239291
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Altruism and Relational Incentives in the Workplace
Dur, Robert - 2013
This paper studies how altruism between managers and employees affects relational incentive contracts. To this end we …
Persistent link: https://www.econbiz.de/10013082165
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Task Difficulty, Performance Measure Characteristics, and the Trade-Off between Insurance and Well-Allocated Effort
Schnedler, Wendelin - 2021
When designing incentives for a manager, the trade-off between insurance and a "good" allocation of effort across various tasks is often identified with a trade-off between the responsiveness (sensitivity, precision, signal-noise ratio) of the performance measure and its similarity (congruity,...
Persistent link: https://www.econbiz.de/10013317592
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Internal Finance and Growth : Microeconometric Evidence on Chinese Firms
Guariglia, Alessandra; Li, Xiaoxuan; Song, Lina - 2021
Does the availability of internal finance constrain firm growth? Or does it foster it? To answer these questions, we use a panel of 407,096 Chinese firms over the period 2000-2005. We estimate dynamic assets growth equations augmented with cash flow, and find that the growth of state owned...
Persistent link: https://www.econbiz.de/10013324808
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Displacement and Debt : The Role of Debt in Returning to Work in the Period Following the Great Recession
Bednarzik, Robert - 2017
The onset of the housing and subsequent financial crisis in 2008 marked the steepest economic downturn in the United. States, since the Great Depression in the late 1920s and 1930s. This most recent financial crisis has been characterized by massive layoffs and displacement. Given the depth of...
Persistent link: https://www.econbiz.de/10012956016
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Dynamic Incentive Contracts Under Parameter Uncertainty
Prat, Julien - 2010
We analyze a long-term contracting problem involving common uncertainty about a parameter capturing the productivity of the relationship, and featuring a hidden action for the agent. We develop an approach that works for any utility function when the parameter and noise are normally distributed...
Persistent link: https://www.econbiz.de/10013135822
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Respect as an Incentive
Eriksson, Tor - 2010
Assuming that people care not only about what others do but also on what others think, we study respect as a non-monetary source of motivation in a context where the length of the employment relationship is endogeneous. In our three-stage gift-exchange experiment, the employer can express...
Persistent link: https://www.econbiz.de/10013137518