Während in den USA Aktien bzw. Aktienoptionen bereits seit vielen Jahrzehnten fester Be-standteil der …

explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company … providers. Prior work: Prior research has acknowledged that the attitude to external managers is a major concern for family … independence and control is high. Furthermore, they do not seem to trust external managers to act in accordance to their goal of …

An empirical model of managers' demand for agency goods is derived and estimated using the Almost Ideal Demand System … of Deaton and Muellbauer (AER 1980). As in Jensen and Meckling (JFE 1976), we derive managers' demand for agency goods by … maximizing a managerial utility function where managers allocate the potential value of their firm's assets to the consumption of …

better market opportunities on incentive-conflicted managers' consumption of perquisites and on their use of defensive …

performance, and smaller asset size. However, when managers are faced with better growth opportunities, they generally appear to … increase in acquired assets is associated with worse performance at banks with entrenched managers. In contrast, a larger … obtained by entrenched managers, who may be able to resist market discipline to build empires. …