Search results for "Ownership Concentration"
showing 2 items of 2 documents
Three Essays in Microeconometrics
2020
This dissertation examines three distinct issues using microeconometric techniques. The first two chapters fall in the realm of discrete choice models and try to make allowance for limited attention. The third chapter focuses on firm behavior and investigates the impact of ownership concentration on productivity. Chapter 1 predominantly builds on the consideration capacity model in Dardanoni, Manzini, Mariotti and Tyson (2019). In the attempt to behavioralize rational choice theory, their model identifies the distribution of cognitive characteristics in a population of agents who are observed choosing repeatedly from a single menu. By exploiting algebraic arguments, we first generalize the …
Behind the curtain of international diversification: An agency theory perspective
2018
This paper dissects the antecedents of international diversification through the lens of the agency cost of free cash flow arguments. It explores whether the partial convergence of interests among managers, majority shareholders, and minority shareholders affects a firm's choice to diversify internationally. Using a sample panel of 60 Italian firms evaluated longitudinally from 2004 to 2014, the study tests whether a firm's international diversification is affected by its free cash flow (as the ultimate source of managerial discretion) and debt (as the main constraint to managerial discretion), especially in firm contexts that exacerbate agency problems. We find that the effects on internat…