haku: @all interaction / yhteensä: 1509
viite: 12 / 1509
| Tekijä: | Beiner, S. Schmid, M.M. Wanzenried, G. |
| Otsikko: | Product market competition, managerial incentives and firm valuation |
| Lehti: | European Financial Management
2011 : MAR, VOL. 17:2, p. 331-366 |
| Asiasana: | Switzerland company value products markets competition strategic management managers incentives models |
| Vapaa asiasana: | principal agent relationship |
| Kieli: | eng |
| Tiivistelmä: | Based on a theoretical model incorporating both strategic interaction between firms and a principal agent relationship, this article analyzes the relationship btw. product market competition (hereafter as: comp.), incentive schemes and firm valuation. The author uses and tests the implications a unique and hand-collected dataset including over 600 observations on 200 Swiss firms from 2002 to 2005. It is suggested that consistent with the implications of the model, the relation btw. product market comp. and managerial intensive schemes is convex, indicating that above a certain level of intensity in product market comp., the marginal effect of comp. on the strength of the incentive schemes increases in the comp. level and comp. is associated with lower firm values. |
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