دانلود مقاله ISI انگلیسی شماره 51943
عنوان فارسی مقاله

اتحاد و حاکمیت شرکتی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
51943 2013 23 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
Alliances and corporate governance ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 107, Issue 3, March 2013, Pages 671–693

کلمات کلیدی
اتحاد؛ حاکمیت شرکتی؛ بازگشت غیر طبیعی؛ سودآوری
پیش نمایش مقاله
پیش نمایش مقاله اتحاد و حاکمیت شرکتی

چکیده انگلیسی

We study the link between a firm's quality of governance and its alliance activity. We consider alliances as a commitment technology that helps a company’ Chief Executive Officer overcome agency problems that relate to the inability to ex ante motivate division managers. We show that well-governed firms are more likely to avail themselves of this technology to anticipate ex post commitment problems and resolve them. The role of governance is particularly important when the commitment problems are more acute, such as for significantly risky/long-horizon projects (“longshots”) or firms more prone to inefficient internal redistribution of resources (conglomerates), as well as in the absence of alternative disciplining devices (e.g., low product market competition). Governance also mitigates agency issues between alliance partners; dominant alliance partners agree to a more equal split of power with junior partners that are better governed. An “experiment” that induces cross-sectional variation in the cost of the alliance commitment technology provides evidence of a causal link between governance and alliances.

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