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    题名: The Role of Ownership on Control Right Allocation and Compensation Contract Design
    作者: 胡聯國
    Lin,Yu-Hsin;Hu,Len-Kuo
    贡献者: 國貿系
    日期: 2011.03
    上传时间: 2014-11-24 17:07:58 (UTC+8)
    摘要: We propose a corporate control model that deals with control right allocation and compensation contract design. By drawing upon a special feature of human nature, that is the sense of gain and loss affiliated with initial ownership as described by the prospect theory in Kahneman and Tversky (1979), we find that it helps mitigate the inefficiency stemming from the agency problem. In particular, there exists a most desirable level of ‘managerial irrationality’ that completely offsets the social efficiency loss inflicted by the moral hazard problem. Moreover, less control right should be allocated to outside investors and more compensation should be granted to the manager as the latter reveals more serious concern about his ownership gain and loss.
    關聯: Applied Economics Letters,18(15),1421-1426
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1080/13504851.2010.541148
    DOI: 10.1080/13504851.2010.541148
    显示于类别:[國際經營與貿易學系 ] 期刊論文

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    1421-1426.pdf380KbAdobe PDF2846检视/开启


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