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Why has the rapid privatization of firms in Eastern Europe and the former Soviet Union not brought dramatically higher … performance as expected? If private ownership were so clearly dominant, why has state control of enterprises been such a common … tax rates. For good reasons, privatization is normally associated with sharp drops in tax and nontax distortions. When …
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During transition, maintaining employment and providing a social safety net to the unemployed are important to social stability, which in turn is crucial for the productivity of the whole economy. Because independent institutions for social safety are lacking and firms with strong profit...
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The multitask principal-agent theory argues that incentive devices for the agent tend to be complementary due to the need for balanced allocation of effort among the tasks. A growing body of empirical literature appears to support this notion. However, when there can be several signals for each...
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The multitask agency theory argues that incentive devices for the agent need to be viewed as a system to induce balanced allocation of effort among the tasks. This important insight has not been incorporated into the empirical study of CEO compensation. Since there can be several measures for...
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