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| Tekijä: | Byrd, J. Parrino, R. Pritsch, G. |
| Otsikko: | Stockholder-manager conflicts and firm value |
| Lehti: | Financial Analysts' Journal
1998 : MAY/JUN, VOL. 54:3, p. 14-30 |
| Asiasana: | Research Shareholders Equity capital Management Companies Agency theory USA |
| Kieli: | eng |
| Tiivistelmä: | The separation of ownership and control in a modern corporation often requires the delegation of significant decision-making authority to professional managers, which introduces the possibility that managers will have incentives to make decisions that benefit them at the expense of stockholders. This paper discusses the theory and empirical evidence on stockholder-manager conflicts, provides an overview of the problems that can arise in U.S. corporations, summarizes recent empirical evidence on the effectiveness of the various mechanisms that can control these problems and alerts investors to global variations in problems and controls. |
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