Size matters: "Over" investments in a relational contracting setting
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
München
CESifo
2015
|
| Series: | CESifo working paper
5154 : Category 12, Empirical and theoretical methods |
| Links: | https://www.cesifo.org/DocDL/cesifo1_wp5154.pdf |
| Physical Description: | 1 Online-Ressource (34 S.) graph. Darst. |
Staff View
MARC
| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV042893854 | ||
| 003 | DE-604 | ||
| 005 | 20190709 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 150928s2015 xx d||| o|||| 00||| eng d | ||
| 035 | |a (OCoLC)927295216 | ||
| 035 | |a (DE-599)GBV816668957 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-521 | ||
| 084 | |a QB 910 |0 (DE-625)141231: |2 rvk | ||
| 100 | 1 | |a Englmaier, Florian |d 1974- |e Verfasser |0 (DE-588)1043469893 |4 aut | |
| 245 | 1 | 0 | |a Size matters |b "Over" investments in a relational contracting setting |c Florian Englmaier ; Matthias Fahn |
| 264 | 1 | |a München |b CESifo |c 2015 | |
| 300 | |a 1 Online-Ressource (34 S.) |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 1 | |a CESifo working paper |v 5154 : Category 12, Empirical and theoretical methods | |
| 520 | 1 | |a The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that overinvestments are not necessarily the (negative) consequence of agency problems between shareholders and managers, but instead might be a second-best optimal response if the scope of court-enforceable contracts is limited. In such an environment a firm has to rely on relational contracts in order to manage the agency relationship with its workforce. The paper shows that investments into physical productive assets enhance the enforceability of relational contracts and hence investments optimally are "too high". | |
| 700 | 1 | |a Fahn, Matthias |e Verfasser |0 (DE-588)1018905995 |4 aut | |
| 830 | 0 | |a CESifo working paper |v 5154 : Category 12, Empirical and theoretical methods |w (DE-604)BV014083264 |9 5154 | |
| 856 | 4 | 0 | |u https://www.cesifo.org/DocDL/cesifo1_wp5154.pdf |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ebook | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-028322257 | |
Record in the Search Index
| _version_ | 1818980888452530176 |
|---|---|
| any_adam_object | |
| author | Englmaier, Florian 1974- Fahn, Matthias |
| author_GND | (DE-588)1043469893 (DE-588)1018905995 |
| author_facet | Englmaier, Florian 1974- Fahn, Matthias |
| author_role | aut aut |
| author_sort | Englmaier, Florian 1974- |
| author_variant | f e fe m f mf |
| building | Verbundindex |
| bvnumber | BV042893854 |
| classification_rvk | QB 910 |
| collection | ebook |
| ctrlnum | (OCoLC)927295216 (DE-599)GBV816668957 |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02028nam a2200325 cb4500</leader><controlfield tag="001">BV042893854</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20190709 </controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">150928s2015 xx d||| o|||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)927295216</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBV816668957</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-521</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QB 910</subfield><subfield code="0">(DE-625)141231:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Englmaier, Florian</subfield><subfield code="d">1974-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)1043469893</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Size matters</subfield><subfield code="b">"Over" investments in a relational contracting setting</subfield><subfield code="c">Florian Englmaier ; Matthias Fahn</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">München</subfield><subfield code="b">CESifo</subfield><subfield code="c">2015</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (34 S.)</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">CESifo working paper</subfield><subfield code="v">5154 : Category 12, Empirical and theoretical methods</subfield></datafield><datafield tag="520" ind1="1" ind2=" "><subfield code="a">The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that overinvestments are not necessarily the (negative) consequence of agency problems between shareholders and managers, but instead might be a second-best optimal response if the scope of court-enforceable contracts is limited. In such an environment a firm has to rely on relational contracts in order to manage the agency relationship with its workforce. The paper shows that investments into physical productive assets enhance the enforceability of relational contracts and hence investments optimally are "too high".</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Fahn, Matthias</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)1018905995</subfield><subfield code="4">aut</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">CESifo working paper</subfield><subfield code="v">5154 : Category 12, Empirical and theoretical methods</subfield><subfield code="w">(DE-604)BV014083264</subfield><subfield code="9">5154</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://www.cesifo.org/DocDL/cesifo1_wp5154.pdf</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ebook</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-028322257</subfield></datafield></record></collection> |
| id | DE-604.BV042893854 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T17:22:35Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-028322257 |
| oclc_num | 927295216 |
| open_access_boolean | 1 |
| owner | DE-521 |
| owner_facet | DE-521 |
| physical | 1 Online-Ressource (34 S.) graph. Darst. |
| psigel | ebook |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | CESifo |
| record_format | marc |
| series | CESifo working paper |
| series2 | CESifo working paper |
| spelling | Englmaier, Florian 1974- Verfasser (DE-588)1043469893 aut Size matters "Over" investments in a relational contracting setting Florian Englmaier ; Matthias Fahn München CESifo 2015 1 Online-Ressource (34 S.) graph. Darst. txt rdacontent c rdamedia cr rdacarrier CESifo working paper 5154 : Category 12, Empirical and theoretical methods The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that overinvestments are not necessarily the (negative) consequence of agency problems between shareholders and managers, but instead might be a second-best optimal response if the scope of court-enforceable contracts is limited. In such an environment a firm has to rely on relational contracts in order to manage the agency relationship with its workforce. The paper shows that investments into physical productive assets enhance the enforceability of relational contracts and hence investments optimally are "too high". Fahn, Matthias Verfasser (DE-588)1018905995 aut CESifo working paper 5154 : Category 12, Empirical and theoretical methods (DE-604)BV014083264 5154 https://www.cesifo.org/DocDL/cesifo1_wp5154.pdf Verlag kostenfrei Volltext |
| spellingShingle | Englmaier, Florian 1974- Fahn, Matthias Size matters "Over" investments in a relational contracting setting CESifo working paper |
| title | Size matters "Over" investments in a relational contracting setting |
| title_auth | Size matters "Over" investments in a relational contracting setting |
| title_exact_search | Size matters "Over" investments in a relational contracting setting |
| title_full | Size matters "Over" investments in a relational contracting setting Florian Englmaier ; Matthias Fahn |
| title_fullStr | Size matters "Over" investments in a relational contracting setting Florian Englmaier ; Matthias Fahn |
| title_full_unstemmed | Size matters "Over" investments in a relational contracting setting Florian Englmaier ; Matthias Fahn |
| title_short | Size matters |
| title_sort | size matters over investments in a relational contracting setting |
| title_sub | "Over" investments in a relational contracting setting |
| url | https://www.cesifo.org/DocDL/cesifo1_wp5154.pdf |
| volume_link | (DE-604)BV014083264 |
| work_keys_str_mv | AT englmaierflorian sizemattersoverinvestmentsinarelationalcontractingsetting AT fahnmatthias sizemattersoverinvestmentsinarelationalcontractingsetting |