Books > Business & Economics > Business & management
|
Buy Now
The Neglected Role of Justification under Uncertainty in Corporate Governance and Finance (Paperback)
Loot Price: R2,254
Discovery Miles 22 540
|
|
The Neglected Role of Justification under Uncertainty in Corporate Governance and Finance (Paperback)
Series: Annals of Corporate Governance
Expected to ship within 10 - 15 working days
|
The Neglected Role of Justification under Uncertainty in Corporate
Governance and Finance does three novel things. First, it
demonstrates that the need to justify is pervasive and identifies a
type of agency cost - "justification costs" - resulting from
decisions motivated by justification. Second, it considers the
relationship between these sorts of agency costs and more
traditional agency costs, such as those involving self-dealing or
empire building. Third, and most importantly, it introduces a role
for uncertainty. Under conditions of low(er) uncertainty, more
accountability does not necessarily increase justification costs,
which are apt to be low in any event, and does reduce traditional
agency costs. But under conditions of uncertainty, accountability
increases justification costs, potentially in an amount greater
than any reduction in traditional agency costs; under some
circumstances, reducing accountability, thereby granting managers
more leeway, may be preferable. The authors propose a mechanism by
which managers and stockholders can agree on granting managers some
leeway for a specified period of time, in the form of
"Control-Enhancing-Mechanisms" (CEMs). They consider how the
existence of justification costs might apply in some private and
public financial contexts, and suggest some solutions in those
contexts as well.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
|
You might also like..
|
Email address subscribed successfully.
A activation email has been sent to you.
Please click the link in that email to activate your subscription.