We examine a situation where efforts on different tasks positively affect production but are not separately verifiable and where the manager (principal) and the worker (agent) have different ideas about how production should be carried out: agents prefer a less efficient way of production. We...

Analysis of consolidated accounting data of European listed groups shows significant differences in some key ratios between countries. However, the figures do not reveal whether these differences result from a distinct composition of the countries’ populations in terms of branches of activity...