Empire-Builders and Shirkers: Investment, Firm Performance, and Managerial Incentives
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Do firms systematically over- or underinvest as a result of agency problems? We develop a contracting model between shareholders and managers in which managers have private benefits or private costs of investment. Managers overinvest when they have private benefits and underinvest when they have
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美国国家经济研究局创建时间：
1999-09-01
