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Long Term Bias, Incentives, and Agency Costs
Kastiel, Kobi - 2021
. First, it argues that proper incentives—created by executive compensation, heightened risk of early termination, market …
Persistent link: https://www.econbiz.de/10013233907
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Prosocial managers, employee motivation, and the creation of shareholder value
Kajackaite, Agne; Sliwka, Dirk - 2018
Milton Friedman has famously claimed that the responsibility of a manager who is not the owner of a firm is "to conduct the business in accordance with their [the shareholders'] desires, which generally will be to make as much money as possible." In this paper we argue that when contracts are...
Persistent link: https://www.econbiz.de/10011906086
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Leadership with individual rewards and punishments
Gürerk, Özgür; Lauer, Thomas; Scheuermann, Martin - In: Journal of behavioral and experimental economics 74 (2018), pp. 57-69
Persistent link: https://www.econbiz.de/10012038267
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The sociology of groups and the economics of incentives: theory and evidence on compensation systems
Encinosa, William E.; Gaynor, Martin; Rebitzer, James B. - 2005
When working together, people engage in non-contractual and informal interactions that constitute the sociology of the group. We use behavioral models and a unique survey of medical groups to analyze how group sociology influences physician incentive pay and behavior. We conclude that informal...
Persistent link: https://www.econbiz.de/10010267317
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Mergers, managerial incentives, and efficiencies
Jovanovic, Dragan - 2013
We analyze the effects of synergies from horizontal mergers on managerial incentives. In contrast to synergies … after a merger. We show that synergies suppress managerial incentives within the non-merging firms, whereas the effect on … defense in merger control. -- Managerial Incentives ; Horizontal Mergers ; Antitrust ; Productive Efficiency Gains ; Synergies …
Persistent link: https://www.econbiz.de/10009725257
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Mergers, managerial incentives, and efficiencies
Jovanovic, Dragan - 2014 - [rev.]
agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly … leads to a countervailing incentive effect: The merged firm's principal may be induced to stifle managerial incentives in …
Persistent link: https://www.econbiz.de/10010360044
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Common ownership, competition, and top management incentives
Antón, Miguel; Ederer, Florian; Giné, Mireia; … - 2016
We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...
Persistent link: https://www.econbiz.de/10011561142
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Authority and Incentives in Organizations
Kräkel, Matthias - 2013
divisions to replace high incentive pay to the division heads by incentives based on private benefits of control. In that …
Persistent link: https://www.econbiz.de/10013084675
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Relative Performance Provisions and Competitive Incentives
Schmalz, Martin C. - 2018
After decades of theoretical inquiry, a burgeoning empirical literature now debates how ownership patterns, governance choices, and executive compensation structure affect firms' competitive behavior. An often-made assumption in the debate is that relative performance evaluation (RPE) of top...
Persistent link: https://www.econbiz.de/10012910910
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Distorted Risk Incentives from Size Threshold-Based Regulations
Johnson, Shane A. - 2019
-taking incentives, providing above-threshold firms with greater incentives to take risk and below-threshold firms the opposite. Risk …
Persistent link: https://www.econbiz.de/10012894309