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Estimating Managers' Utility Maximizing Demand for Agency Goods
Hughes, Joseph P.; Moon, Choon-Geol - 2003
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 …
Persistent link: https://www.econbiz.de/10010274320
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Dependent Controllers and Regulation Policies: Theory and Evidence
Guerriero, Carmine - 2006
This paper analyzes the effects of supervisors' (i.e., regulators and judges) selection rules on regulated prices. A checks and balances' regulatory review process strengthens the role of the judicial power and election increases the populism of implicitly motivated supervisors. Election arises...
Persistent link: https://www.econbiz.de/10010312360
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Agency costs and R&D: Evidence from Finnish SMEs
Väänänen, Lotta - 2003
This paper examines empirically how firm ownership structure affects its research- and development (R&D) intensity. To begin with, a principal-agent problem created by the separation of the management of a firm (the agent) and its ownership (the principal) is reviewed, and prior empirical...
Persistent link: https://www.econbiz.de/10010285225
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Foundations of Corporate Governance
Volonté, Christophe - 2012
This paper outlines the foundations of corporate governance. The discussion includes a review on the modern corporation, transaction costs theory, agency costs theory, legal investor protection, investor protection by corporate governance and its various mechanisms, as well as an overview of the...
Persistent link: https://www.econbiz.de/10011390672
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Tournaments and managerial incentives in China's listed firms: new evidence
Kato, Takao; Long, Cheryl - 2008
The promotion tournament as a potentially important incentive mechanism for top management in transition economies has not been examined by the emerging literature on managerial incentives in transition economies. This paper is the first attempt to fill this important gap in the literature. The...
Persistent link: https://www.econbiz.de/10010268884
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Managerial ownership and firm performance in German small and medium-sized enterprises
Mueller, Elisabeth; Spitz, Alexandra - 2001
which managers could become entrenched, they already bear a large proportion of the costs and have therefore an incentive to …
Persistent link: https://www.econbiz.de/10010297809
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The optimal industry structure in a vertically related market
Fiocco, Raffaele - 2010
We consider a vertically related market characterized by downstream imperfect competition and by the monopolistic provision of an essential facility-based input, whose price is set by a social-welfare maximizing regulator. Our model shows that the regulatory knowledge about the cost for...
Persistent link: https://www.econbiz.de/10010270730
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Are CEOs in family firms paid like bureaucrats?: evidence from Bayesian and frequentist analyses
Block, Jörn Hendrich - 2008
The relationship between CEO pay and performance has been much analyzed in the management and economics literature. This study analyzes the structure of executive compensation in family and non-family firms. In line with predictions of agency theory, it is found that the share of base salary is...
Persistent link: https://www.econbiz.de/10010263730
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Regulation and privatisation: The case of electricity
Bortolotti, Bernardo; Fantini, Marcella; Siniscalco, … - 1998
sector in 38 countries for the period 1977-97 shows that regulation is a crucial institutional variable in privatisation. Not …
Persistent link: https://www.econbiz.de/10011608438
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New Networks, Competition and Regulation
Baake, Pio; Kameckey, Ulrich - 2006
structure with one firm choosing higher investments. While access regulation imposed on the dominant firm leads to lower prices … network effects leading to potentially increased demand, regulation can substantially lower aggregate social welfare …
Persistent link: https://www.econbiz.de/10010260943