2008-09-01, English, Article, Journal or magazine article edition: Access to financing, rents, and organization of the firm. Renucci, Antoine

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Physical Description
  • Magazine/​Journal article
Published
  • Elsevier B.V., 2008 Sept
Language
  • English

Edition details

Title
  • Access to financing, rents, and organization of the firm.
Appears In
  • Journal of Corporate Finance, v.14, no.4, 2008 Sept, p.337(10) (ISSN: 0929-1199)
Author
  • Renucci, Antoine
Published
  • Elsevier B.V., 2008 Sept
Physical Description
  • Magazine/​Journal article
Subjects
Target Audience
  • Academic
Summary
  • To link to full-text access for this article, visit this link: http:/​/​dx.doi.org/​10.1016/​j.jcorpfin.2008.03.001 Byline: Antoine Renucci Keywords: Unitary-form; Multidivisional-form; Agency rents; Credit rationing Abstract: This paper provides a theory for the choice of an organizational structure by the headquarters of a unitary structure concerned about overload. The headquarters can avoid overload by delegating operational decisions to divisions, i.e., moving the firm to a multidivisional structure. We show that, under moral hazard, these divisions receive rents for incentive purposes, and that the multidivisional structure is able to invest more. Thus, there is a trade-off between increasing investment and paying rents. We also show that this trade-off applies to situations where firms consider engaging in acquisitions and joint ventures, or where entrepreneurs consider resorting to venture capitalists. Author Affiliation: Universite Paris-Dauphine, DRM, F-75016 Paris, France CNRS, UMR7088, F-75016 Paris, France Article History: Received 13 December 2004; Revised 4 March 2008; Accepted 7 March 2008 Article Note: (footnote) [star] This paper is a revised version of Chapter 2 of my Ph.D. dissertation. Part of the revision took place while I was visiting the SaA[macron]d Business School, University of Oxford. I am indebted to Bruno Biais, Jeffry Netter (the editor), and to an anonymous referee for their encouragement and advice. I am grateful to Catherine Casamatta, Mike Fishman, Edith Ginglinger, Fred Loss, Thomas Mariotti, Clotilde Napp, Rafael Repullo, Jean-Charles Rochet and Jean Tirole for their insightful comments. Many thanks also to participants to the 2001 AFFI conference in Namur, the Gremaq Seminaire Jeunes, the 2002 IDEI-ESCT Finance Workshop, the 2002 EFMA meetings in London, and the 2002 ESEM in Venice. I acknowledge the support of the Chaire de Finance d'Entreprise funded by the Federation Bancaire Francaise. All remaining errors are mine.
Terms of Use
  • COPYRIGHT 2008 Elsevier B.V.
Language
  • English
Database
  • Gale Academic OneFile
Identifier
  • 191004405

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