Search results for " agency theory"

The impact of fairness on the performance of crowdsourcing an empirical analysis of two intermediate crowdsourcing platforms

2016

This research aims to investigate mechanisms available to the seeker to encourage participation of solvers to a challenge. We hypothesize that specific crowdsourcing mechanisms, reducing the information asymmetry of solvers on the challenge, increase solvers’ perception of procedural and distributive fairness and incentive their self-selection process. Moreover, posing problem in an ‘open’ manner exposes seekers to possible opportunism risks. Thus, seekers utilize many safeguard contractual mechanisms to mitigate these risks and protect the information shared in a challenge. By using data from two intermediate crowdsourcing pltaforms, we provide that safeguard mechanisms may have a drawback…

How do remuneration committees affect corporate social responsibility disclosure? empirical evidence from an international perspective

2022

The main goal of this study is to analyze whether the existence of remuneration committees tend to disclose more corporate social responsibility (CSR) information. In addition, we test the moderating role played by the proportion of independent directors on boards of directors with the relationship between the constitution of remuneration committees and CSR disclosure. Previous research does not appear to have addressed these questions. The research questions proposed are tested using an international sample of 28,610 listed companies, and we took into consideration information on industrial companies from the Middle East, developed Asian and Pacific countries, both emerging and developed E…

CORPORATE GOVERNANCE AND BEHAVIORAL FINANCE: FROM MANAGERIAL BIASES TO IRRATIONAL INVESTORS

2014

Corporate governance is concerned about the ways in which investors assure themselves of getting a return on their investment, on one hand, and is focus on motivating managers to increase the company profit, on the other hand (the agency theory). Corporate governance emerges from the interaction between managers and investors. Managers are often more likely to invest the extra cash-flow or profit than to return it to shareholders. But, both managers and investors are lees then fully rational. Sometimes their behavior is based on cognitive psychology. In this context, we are dealing with two problems: managerial biases and irrational investors. Managerial biases focus on the illusion of opti…

Decoding the XXI Century’s Marketing Shift: An Agency Theory Framework

2016

Since the beginning of the XXI century, marketing theory has moved through a series of epistemological shifts from modern positivism to postmodern constructivism. This has resulted in a series of changes to the main concepts of “traditional” marketing such as: market, product, customer, and value. These shifts can be better viewed under a social cybernetics approach such as agency theory. This is because there is now a view that the linear concept of value creation needs to give way to the more complex process of value cocreation, where value is created collectively. Agency theory is one approach that is able to shed light on how customers and providers are able to recursively create collec…

Unveiling the Antecedents of International Diversification: An Agency Theory Approach

2014

While various studies have developed hypotheses about the antecedents of international diversification drawing mainly on the resource-based view, the behavioral theory of the firm, and the transaction costs literature, we advance our understanding by investigating the explanatory power of agency costs of free cash flow arguments. Using a sample panel of 167 Italian firms longitudinally evaluated during the 1980-2010 period, this study tests whether the firm’s choice to spread operations in multiple foreign countries is conditioned by excess of free cash flow and debt, especially in firm-contexts where agency problems are exacerbated by managers or large shareholders’ opportunism. We find th…

Capital Structure Decisions in the Biopharmaceutical Industry

2011