This paper presents an assignment model of CEOs and firms. The distributions of CEO pay levels and firms' market values are analyzed as the competitive equilibrium of a matching market where talents, as well as CEO positions, are scarce. It is shown how the observed joint distribution of CEO pay...

I study the optimal choice of investment projects in a continuous time moral hazard model with multitasking. While in the first best, projects are invariably chosen by the net present value (NPV) criterion, moral hazard introduces a cutoff for project selection which depends on both a...

We study derivative instruments that corporate insiders use to diversify and hedge their equity ownership. Our evidence suggests that boards might allow use of these instruments in order to mitigate agency costs associated with overvalued equity and high equity-based pay. These instruments are...

This paper is an overview of the achievements in the area of employee financial participation (EFP) during the last fifty years. It addresses the question of the extent to which EFP is relevant in today’s world. EFP is distinguished from participation in management (industrial democracy), and...

This article specifies the concept of 'Organizational Culture of Participation' (OCP) as that part of an organizational culture which is linked to employee participation. Three OCP-types are distinguished by the way participation is promoted and supported in an organizational culture: (1) leader...

Whereas employee participation is generally conceived to facilitate implementation of organizational change, only limited research has investigated whether it may reduce the negative effects of downsizing. The present study compares two Swedish hospitals that implemented downsizing in different...

Das (Personal-) Management und die Organisation von internationalen Entwicklungs-NGOs sind bisher wenig erforscht. Ziel dieses Beitrags ist es, Aufschluss darueber zu gewinnen, wie diese Organisationen ihre internationalen Aktivitaeten koordinieren und welche Einflussfaktoren hier eine Rolle...

In juengster Zeit wird in der Personalmanagementforschung vermehrt darauf hingewiesen, dass Forschungsfragen zum Themengebiet Performance Management in Bezug auf oeffentliche und Nonprofit Organisationen bislang noch wenig erforscht sind (Brandl et al. 2006). In der Folge entwickelte sich ein...