English, Article, Journal or magazine article edition: The Fallacy of New Business Creation as a Disciplining Device for Managers Antoine Renucci; Frederic Loss

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Bookmark: http://trove.nla.gov.au/version/45539
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Fallacy of New Business Creation as a Disciplining Device for Managers
Author
  • Antoine Renucci
  • Frederic Loss
Physical Description
  • preprint
Notes
  • This paper investigates a negative externality of new business creation. When being perceived as a good manager is a necessary condition to establish a firm in the future, we show that a priori talented managers may indulge in undertaking risky projects now. Indeed, such a choice renders more difficult the updating of believes process regarding their actual types. Unfortunately, this in turn leads them to perform less effort, which comes at the expense of economic efficiency. Hence, the career concerns we examine do not discipline good managers. However, we show that employers can reduce managerial slack by resorting to financial markets monitoring.
  • RePEc:fmg:fmgdps:dp398
Language
  • English
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