An Empirical Examination Of Managerial Performance Contracts
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An Empirical Examination Of Managerial Performance Contracts
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Author : Laura T. Starks
language : en
Publisher:
Release Date : 1984
An Empirical Examination Of Managerial Performance Contracts written by Laura T. Starks and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Contracts categories.
Information Incentives And Commitment An Empirical Analysis Of Contracts Between Government And State Enterprises
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Author : Lixin Xu
language : en
Publisher:
Release Date : 1999
Information Incentives And Commitment An Empirical Analysis Of Contracts Between Government And State Enterprises written by Lixin Xu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
May 1997 Written performance contracts, widely touted as a way to help state-owned enterprises improve performance, seem to fail. Why? Because information asymmetry, lack of government commitment, and lack of managerial commitment lead to weak incentives and shirking. Shirley and Xu analyze experience with written performance contracts between developing country governments and the managers of their state-owned enterprises. Such contracts have been a vogue since the mid-1980s, and substantial resources have been sunk into their design and enforcement, yet the few assessments to date show mixed results. Using a simple agency model, they identify how problems of weak incentives stemming from information asymmetry, lack of government commitment, and lack of managerial commitment can lead to shirking. They apply the model to a sample of 12 contracts with monopoly enterprises in six developing countries (Ghana, India, the Republic of Korea, Mexico, the Philippines, and Senegal). All suffer from serious contracting problems. They find no pattern of improved performance that can be attributed to the contracts. Only three of the 12 case-study companies showed a turnaround in total factor productivity after contracts were introduced, six continued past trends, and three performed substantially worse under contracts than they had before. Labor productivity improved at a faster pace in four cases, and deteriorated in none, but the improvement predated the contract. Performance contracting assumes that government's objectives can be maximized, and performance improved, by setting targets that take into account the constraints placed on managers. For this to occur, the principals must be willing to explicitly state their objectives, assign to them priorities and weights, translate them into performance improvement targets, provide incentives to meet those targets (or monitor the agents without incurring significant costs), and credibly signal their commitment to the contract. These conditions failed to materialize. Why would governments adopt contracts to which they were not committed or that were politically unrealistic? Sometimes because it enabled them to get foreign assistance. How explain the managers' lack of commitment? Not surprisingly, managers with information advantages and bargaining power, and with no strong incentives or commitment from the government, used their advantages to manipulate the targets so as to ensure that their performance would be judged satisfactory. Shirley and Xu outline the conditions under which performance contracts might succeed in improving performance. This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - is part of a larger effort in the department to analyze the role of institutions and incentives in public sector management, as well as in the private sector. The study was funded by the Bank's Research Support Budget under the research project The Changing Role of the State (RPO 678-69).
Information Incentives And Commitment
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Author : Mary M. Shirley
language : en
Publisher:
Release Date : 2010
Information Incentives And Commitment written by Mary M. Shirley and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This article analyzes the experience with performance contracts between developing country governments and the managers of their state owned enterprises. It identifies how problems of information asymmetry, incentives, and commitment can lead to shirking. It applies this conceptual framework to a sample of 12 contracts with monopoly state enterprises in six developing countries and finds that all suffer from serious contracting problems and there is no pattern of improved performance that can be attributed to the contracts.
Handbook Of Empirical Corporate Finance Set
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Author : Bjørn Espen Eckbo
language : en
Publisher: Elsevier
Release Date : 2008-12-23
Handbook Of Empirical Corporate Finance Set written by Bjørn Espen Eckbo and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-12-23 with Business & Economics categories.
This two-volume set summarizes recent research on corporate decision-making. The first volume covers measurement and theoretical subjects as well as sources of capital, including banks, public offerings, and private investors. In the second volume, contributors focus on the ways corporations are structured and the practices through which they can be bought and sold. Thus, its major subjects include dividends, capital structure, financial distress, takeovers, restructurings, and managerial incentives. Takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues Discusses everything from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior Contributors are leading empirical researchers that remain active in their respective areas of expertise Writing style makes the chapters accessible to industry practitioners
Handbook Of Empirical Corporate Finance
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Author : Bjørn Espen Eckbo
language : en
Publisher: Elsevier
Release Date : 2011-10-13
Handbook Of Empirical Corporate Finance written by Bjørn Espen Eckbo and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-13 with Business & Economics categories.
This second volume of a two-part series examines three major topics. First, it devotes five chapters to the classical issue of capital structure choice. Second, it focuses on the value-implications of major corporate investment and restructuring decisions, and then concludes by surveying the role of pay-for-performance type executive compensation contracts on managerial incentives and risk-taking behavior. In collaboration with the first volume, this handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. Nine original chapters summarize research advances and future topics in the classical issues of capital structure choice, corporate investment behavior, and firm value Multinational comparisons underline the volume's empirical perspectives Complements the presentation of econometric issues, banking, and capital acquisition research covered by Volume 1
Ieis2019
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Author : Menggang Li
language : en
Publisher: Springer Nature
Release Date : 2020-07-02
Ieis2019 written by Menggang Li and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-02 with Business & Economics categories.
This book presents a range of recent advances concerning industrial restructuring strategies, industrial organization, industrial policy, departmental economic research, industrial competitiveness, regional industrial structure, national industrial economic security theory and empirical research. Successfully combining theory and practice, the book gathers the outcomes of the “6th International Conference on Industrial Economics System and Industrial Security Engineering”, which was held at the University of Maryland, USA.
Employee Engagement Through Effective Performance Management
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Author :
language : en
Publisher: Routledge
Release Date : 2014-03-05
Employee Engagement Through Effective Performance Management written by and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-05 with Business & Economics categories.
An engaged employee is someone who feels involved, committed, passionate and empowered and demonstrates those feelings in work behavior. This book explains that a more engaged workforce is really about better performance management. The authors expand the traditional notion of performance management to include building trust, creating conditions of empowerment, managing team learning, and maintaining ongoing straightforward communications about performance, all of which are critical to employee engagement. The "best practices" tools and advice in this book are based on solid research as well as the authors’ experience.
Contracts In Offshore Software Development An Empirical Analysis
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Author : ANANDASIVAM GOPAL, KONDURU SIVARAMAKRISHNAN, M. S. KRISHNAN AND TRIDAS MUKHOPADHYAY
language : en
Publisher:
Release Date : 2002
Contracts In Offshore Software Development An Empirical Analysis written by ANANDASIVAM GOPAL, KONDURU SIVARAMAKRISHNAN, M. S. KRISHNAN AND TRIDAS MUKHOPADHYAY and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
An Economic Theory Of Managerial Firms
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Author : Luca Lambertini
language : en
Publisher: Routledge
Release Date : 2017-04-21
An Economic Theory Of Managerial Firms written by Luca Lambertini and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-21 with Business & Economics categories.
The separation between ownership and control has become common practice over the last century, in most medium and large firms across the world. Throughout the twentieth century, the theory of the firm and the theory of industrial organization developed parallel and complementary views on managerial firms. This book offers a comprehensive exposition of this debate. In its survey of strategic delegation in oligopoly games, An Economic Theory of Managerial Firms is able to offer a reinterpretation of a range of standard results in the light of the fact that the control of firms is generally not in the hand of its owners. The theoretical models are supported by a wealth of real-world examples, in order to provide a study of strategic delegation that is far more in-depth than has previously been found in the literature on industrial organization. In this volume, analysis is extended in several directions to cover applications concerning the role of: managerial firms in mixed market; collusion and mergers; divisionalization and vertical relations; technical progress; product differentiation; international trade; environmental issues; and the intertemporal growth of firms. This book is of great interest to those who study industrial economics, organizational studies and industrial studies.
The Oxford Handbook Of Supply Chain Management
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Author : Thomas Y. Choi
language : en
Publisher: Oxford University Press
Release Date : 2021-08-30
The Oxford Handbook Of Supply Chain Management written by Thomas Y. Choi and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-30 with Business & Economics categories.
Supply chain management contends with structures and processes for delivering goods and services to customers. It addresses the core functions of connected businesses to meet downstream demand. This innovative volume provides an authoritative and timely guide to the overarching issues that are ubiquitous throughout the supply chain. In particular, it addresses emerging issues that are applicable across supply chains--such as data science, financial flows, human capital, internet technologies, risk management, cyber security, and supply networks. With chapters from an international roster of leading scholars in the field, the Oxford Handbook of Supply Chain Management is a necessary resource for all students and researchers of the field as well as for forward-thinking practitioners.