| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15602 |
| DP15602 Organizational Structure and Investment Strategy | |
| Gyöngyi Lóránth; Alan Morrison; Jing Zeng | |
| 发表日期 | 2020-12-23 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that a firm can use its organizational structure to commit to an investment strategy. The firmdelegates sequential search and project management tasks to a manager. Ex post, the firm turns away projects that generate high project management rent. However, because the expectation of such rent serves to defray the manager’s search cost, investment might be optimal ex ante. A leveraged subsidiary mitigates this time-inconsistency problem by creating ex post risk-shifting incentives that counteract underinvestment. Subsidiaries are more valuable for projects with costly search, intermediate management costs, and returns that are uncorrelated with the existing business. |
| 主题 | Financial Economics |
| 关键词 | Organizational structure Multinational business Branch Subsidiary |
| URL | https://cepr.org/publications/dp15602 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544612 |
| 推荐引用方式 GB/T 7714 | Gyöngyi Lóránth,Alan Morrison,Jing Zeng. DP15602 Organizational Structure and Investment Strategy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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