Analysis of management compensation has focused on the principal — agent problem. We address the problem confronting owners who must choose a manager without knowing the productivity of individual managers. We find performance contingent contracts may result in a separating equilibrium in...

Purpose – The purpose of this paper is to empirically examine the relationship between firms' inventory accumulation and financial structure. It further investigates the impact of geographical locations on firms' inventory investment decision after controlling for firms' financial structure....

Purpose – The purpose of this paper is to empirically examine the relationship between firms' inventory accumulation and financial structure. It further investigates the impact of geographical locations on firms' inventory investment decision after controlling for firms' financial structure....