The corporation and the economist

Article Abstract:

The unrealistic set of behavioral assumptions about managerial motivation adopted by economists is the main deterrent to full understanding of the corporation. This lack of progress in understanding the corporation is shown through an analysis of recent issues raised in leading industrial organization journals, with particular reference to the principal/agent model. Economists must supplement their highly powerful and highly developed analytical tools with a broader behavioral foundation to acquire a sufficient understanding of this complex institution.

Practice, Corporations, Economists

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Managerial discretion and managerial compensation

Article Abstract:

Two approaches towards the determination of managerial compensation are evaluated. The first presumes that managers are compensated purely in return for their supervisory functions, while the second considers managers' discretion towards compensation levels and investment policies. It has been suggested that some managers get higher pay than predicted by the first theory because they use their discretion to pursue goals other than shareholder wealth maximization.

Management Compensation, Models, Compensation and benefits, Compensation management, Executives, Executive compensation

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The effects of mergers: an international comparison

Article Abstract:

The effects of mergers around the world are analyzed. The results reveal that mergers on an average do result in significant increases in profits, but reduce the sales of the merging firms.

Analysis, Acquisitions and mergers, International economic integration, Economic integration

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