English, Article, Journal or magazine article edition: Hard Debt, Soft CEO`s and Union Rents Linus Wilson

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Bookmark: http://trove.nla.gov.au/version/20602
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Hard Debt, Soft CEO`s and Union Rents
Author
  • Linus Wilson
Physical Description
  • preprint
Notes
  • Sometimes shareholders are better off delegating to a CEO with different objectives than their own. A top manager motivated to share surpluses with workers can encourage union members to adopt efficient production methods. Bond covenants may constrain managers from acquiescing to union wage demands. Nevertheless, we argue that unions can win higher wages by altering the non-shirking constraint. Resistance to monitoring leads to deadweight losses that a "soft" CEO can prevent. In this context, managerial retrenchment and incentive contracts with limited upsides are advocated.
  • efficiency wages, unions, bonds, takeovers, CEO compensation.
  • RePEc:oxf:wpaper:170
Language
  • English
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