haku: @indexterm management behaviour / yhteensä: 173
viite: 152 / 173
| Tekijä: | Baltagi, B. H. Griffin, J. M. |
| Otsikko: | Alternative models for managerial behavior: empirical tests for the petroleum industry (!Managerial models) (!Investment categories) |
| Lehti: | Review of Economics and Statistics
1989 : NOV, VOL. 71:4, p. 579-585 |
| Asiasana: | MANAGEMENT BEHAVIOUR EFFICIENCY PETROLEUM INDUSTRY |
| Kieli: | eng |
| Tiivistelmä: | Explanations for takeovers often focus on managerial inefficiency as an explanation. Panel data are analyzed for a set of petroleum firms to test two competing hypotheses about managerial inefficiency - the heterogeneous managerial model versus the free cash flow variant of agency theory. By focusing on specific investment categories like exploration, bidding and leasing activity, and R & D, the effects of changes in management and cash flow are better isolated. The empirical results provide considerable support for the free cash flow variant of agency theory showing that reduced cash flow due to restructuring will curtail investments in exploration, bidding and leasing activity, and R & D. |
SCIMA