Company executives rely on new product development teams to carry out their directives and make decisions according to management’s goals and objectives. However, new product team members bring their own motivational perspectives to strategic decisions. This research examines how individual...

Managers have a variety of tools at their disposal to analyze the impact of alternative courses of action on costs, revenues, and profits. Both short term and long term implications can be examined through sophisticated computer models, elaborate forecasting techniques, and complex algorithms...

When partially inalienable managerial entrenchment is introduced to Zwiebel's 1996 model of dynamic capital structure, anticipated debt renegotiation between a higher-type manager and the creditor reduces expected firm value. Only lower-type managers can issue debt to avoid shareholder takeover

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

We develop a theory of income and payout smoothing by firms when insiders know more about income than outside shareholders, but property rights ensure that outsiders can enforce a fair payout. Insiders set payout to meet outsiders' expectations and underproduce to manage downward future...

We study non-contractible intangible investment in a dynamic agency model with multitasking. The manager's short-term task determines current performance which deteriorates with investment in the firm's future profitability, his long-term task. The optimal contract dynamically balances...

We develop a theory of income and payout smoothing by firms when insiders know more about income than outside shareholders, but property rights ensure that outsiders can enforce a fair payout. Insiders set payout to meet outsiders' expectations and underproduce to manage future expectations...

Man in ordinary state of nature is brutish. Thus, in every human endeavour, the need arises for adequate safeguard against possible harm, loss or damage occasioned by man’s inordinate ambition to improve his lot. The concept of corporate personality emerged through the combined effects of...