globalization. At the same time, however, globalization creates favourable conditions for all forms of particularization …

To examine the impact of globalization on managerial compensation, we consider a matching model where a number of firms … compete both in the product market and in the managerial market. We show that globalization, i.e. the simultaneous integration …, while the most able managers obtain a wage increase, less able managers are faced with a reduction in wages. Hence our model …

the family. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European …