Download or read book Firm Boundaries and the Power of Incentives written by Maria Margarida Figueiredo Soares and published by . This book was released on 2012 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do the employment contracts inside the firm differ from the employment contracts between the firm and an outsider? Theory of the firm models don't have a clear prediction about the power of incentives, i.e, the sensitivity of the agent's compensation to performance, inside vs outside the firm. I empirically investigate this question in the Mutual Funds Industry. I build a unique dataset with detailed information gathered on the characteristics of contracts between the funds and investment advisers, both when they are employed by the fund and when they are hired from outside. Using this information I create a measure of power of incentives that takes into account both the explicit incentives, given by the marginal fees paid by the fund to the investment adviser, and the implicit incentives faced by the adviser due to the effect of performance on the probability of termination of the contract. Exploring variation induced by funds that switch organizational type, I find that outsourcing is associated with an increase in the power of incentives. This increase occurs concurrently with the switch in organizational type and is permanent. A decomposition of the measure of power shows that the sensitivity of dismissal to past performance is very important to explain the estimated difference in power. Therefore, even though most models predict that the written contracts are higher powered in the market, I find that the difference in the power of incentives is generated by the implicit incentives.
Download or read book Social Norms and the Theory of the Firm written by Douglas E. Stevens and published by Cambridge University Press. This book was released on 2018-10-18 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: For decades, the economic theory of the firm referred to as agency theory has dominated business research and education in the United States. Although agency theory has been influential in accounting, finance, and managerial economics, it lacks informal and nonfinancial controls. Douglas E. Stevens resolves to enhance this theory through the incorporation of social norms. Drawing on historical context related to the firm, the theory of the firm, and social norm theory related to the firm, he demonstrates the importance of social norms in the formation and development of free-market capitalism and the firm. He also describes the latest theoretical, experimental, and archival evidence to exhibit the growing body of research that incorporates social norms into the theory of the firm. These foundations enable Stevens to create a comprehensive roadmap of agency theory that will have strong implications for practice and public policy.
Download or read book Efficient Organizational Design written by M. Weiss and published by Springer. This book was released on 2007-02-21 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates how organizations can be designed for efficiency. Strategy, structure, boundaries and the governance of organizations are analyzed for any interdependencies within or between them and synthesised to a consistent system. Case studies illustrate the application of the theory of organizational design.
Download or read book Manufacturing Firm Boundaries and the Protection of Intellectual Property written by Gary P. Pisano and published by . This book was released on 1992 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Theory of the Firm written by Paul Walker and published by Taylor & Francis. This book was released on 2016-09-13 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms are a ubiquitous feature of the economic landscape, with much of the activity undertaken within an economy taking place within their boundaries. Given the size of the contribution made by firms to economic activity, employment and growth, having a theoretical understanding of the nature and structure of firms is crucial for understanding how an economy functions. The Theory of the Firm firstly offers a brief overview of the past, consisting of a concise discussion of the classical view of production, followed by an outline of the development of the neoclassical - or ‘textbook’ - approach to firm level production. Secondly, the ‘present’ of the theory of the firm is discussed in three sections. The first section considers the post-1970 theory of the firm literature per se, while the second section scrutinises the relationship between the three most prominent of the modern sets of theories: the reference point, property rights and transaction cost approaches. The third section looks at the theory of privatisation. The unique aspects of this book includes its discussions of the post-1970 contributions to the theory of the firm; the integration of the theory of the entrepreneur with the theory of the firm; and the theory of privatisation. This volume offers an intuitive introduction to the theories of the firm as well as simple formal models of the most important contributions to the literature. It also outlines the historical evolution of the traditional and modern theories of the firm. This book is of great interest to those who study history of economic thought, industrial economics and organizational studies.
Download or read book The Theory of the Firm written by Nicolai J. Foss and published by Taylor & Francis. This book was released on 2000 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Working Paper Series written by and published by . This book was released on 2003 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Oxford Handbook of Law and Economics written by Francesco Parisi and published by Oxford University Press. This book was released on 2017-04-27 with total page 635 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covering over one-hundred topics on issues ranging from Law and Neuroeconomics to European Union Law and Economics to Feminist Theory and Law and Economics, The Oxford Handbook of Law and Economics is the definitive work in the field of law and economics. The book gathers together scholars and experts in law and economics to create the most inclusive and current work on law and economics. Edited by Francisco Parisi, the Handbook looks at the origins of the field of law and economics, tracks its progression and increased importance to both law and economics, and looks to the future of the field and its continued development by examining a cornucopia of fields touched by work in law and economics. The uniqueness of its breadth, depth, and convenience make the volume essential to scholars, students, and contributors in the field of law and economics.
Download or read book Theory of the Firm for Strategic Management written by Manuel Becerra and published by Cambridge University Press. This book was released on 2009-02-05 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Develops a value-based theory of the firm specifically aimed at strategic decision-making.
Download or read book Applying the decision rights approach to a case of Hospital institutional Design written by Florence Eid and published by World Bank Publications. This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of a corporatized hospital in Lebanon shows that service delivery can be improved where there are appropriate incentives and mechanisms for risk sharing.
Download or read book Entrepreneurship and the Firm written by Nicolai J. Foss and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: While characteristically "Austrian" economic themes are clearly relevant to the business firm, Austrian economists have said little about management, organization and strategy. The 12 chapters in this work seek to advance the understanding of these issues by drawing on Austrian ideas.
Download or read book Shifting Boundaries of the Firm written by Mari Sako and published by Oxford University Press on Demand. This book was released on 2006-04-06 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This in-depth exploration of the organizational strategies of Japanese corporate management and union leaders considers the issue of the 'organizational boundaries' which arise from the restructuring following mergers, acquisitions, outsourcing and spin-offs.
Download or read book Firms Contracts and Financial Structure written by Oliver Hart and published by Clarendon Press. This book was released on 1995-10-05 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
Download or read book Remix Strategy written by Benjamin Gomes-Casseres and published by Harvard Business Press. This book was released on 2015 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Alliances, partnerships, acquisitions, mergers, and joint ventures are no longer exceptions in most businesses--they are part of the core strategy. As companies look to external partners for acquiring even strategic resources and capabilities, they need a practical road map for ensuring these relationships generate value. What combinations of resources do we need? How do we manage them over time? What profits will we earn? Will they justify our investments? Benjamin Gomes-Casseres shares insight from decades of consulting and academic research on how companies create new value by "remixing" resources with other companies. Organized around three laws, Remix Strategy explains how companies can gain the most from their business combinations: - First Law: The value created by the combination should exceed the total that would be generated by the players acting alone. How much more value can we create together in the market, together? What lies behind this "joint value"? - Second Law: The combination must be designed and managed to realize the joint value in reality. What partners and structures fit this goal best? How do we manage those elements that are the sources of the joint value? - Third Law: Each participant must earn sufficient profits to reward its investment. How do we divide the joint value? How might these shares change over time? Other books explain how to structure deals or how to navigate complexities of organization and culture. This book provides core principles and a practical framework for creating and capturing value, no matter the path chosen"--
Download or read book Advanced Topics in Global Information Management Volume 4 written by Hunter, M. Gordon and published by IGI Global. This book was released on 2005-03-31 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advanced Topics in Global Information Management is a series of books on advance topics in global information management (GIM). GIM research continues to progress, with some scholars pushing the boundaries of thinking and others challenging the status quo. Advanced Topics in Global Information Management, Volume 4 is a part of this series. In order to sustain any competitive advantage gained through the application of information technology, companies must continually seek improvement. They must employ environmental scanning techniques to determine what technology is available, be willing to adopt new information technology, and know what the competition is planning or doing. Advanced Topics in Global Information Management, Volume 4 addresses these important issues.
Download or read book HOUSE REPORTS written by United States. Congress (96TH: 2nd session) and published by . This book was released on 1958 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Managerial Economics written by Nick Wilkinson and published by Cambridge University Press. This book was released on 2022-01-13 with total page 811 pages. Available in PDF, EPUB and Kindle. Book excerpt: A user-friendly problem-solving approach to managerial economics, with a focus on the transformative effects of the digital revolution.
