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| Author: | Bertrand, M. Mullainathan, S. |
| Title: | Enjoying the quiet life? Corporate governance and managerial preferences |
| Journal: | Journal of Political Economy
2003 : OCT, VOL. 111:5, p. 1043-1075 |
| Index terms: | Corporate governance Goals Preferences |
| Language: | eng |
| Abstract: | Much of our understanding of corporations builds on the idea that managers, when they are not closely monitored, will pursue goals that are not in shareholders' interest. But what goals would managers pursue? Variation in corporate governance generated by state adoption of antitakeover laws is used in this article to empirically map out managerial preferences. Plant-level data is used and a unique feature of corporate law that allows dealing with possible biases associated with the timing of the laws is exploited. It is found that when managers are insulated from takeovers, worker wages (especially those of white-collar workers) rise. |
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