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| Author: | Garvey, G. Swan, P. |
| Title: | Shareholder activism, "voluntary" restructuring, and internal labor markets |
| Journal: | Journal of Economics and Management Strategy
1995 : WINTER, VOL. 4:4, p. 591-621 |
| Index terms: | ECONOMICS SHAREHOLDERS |
| Language: | eng |
| Abstract: | The authors model an internal labor market in which employee behavior and compensation are affected by the firm's financial position and the threat of hostile takeover or other exercise of shareholder "voice". The authors show how good past performance can result in excessively generous promotion and pay decisions. While the threat of shareholder activism will remove this "slack", activists optimally face a positive cost barrier, which in turn varies across firms. |
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