Insider control and the soft budget constraint: a simple theory

被引：6

作者：

Li, DD ^{[1
]}

机构：

[1] Hoover Inst War Revolut & Peace, Stanford, CA 94305 USA

来源：

ECONOMICS LETTERS | 1998年 / 61卷 / 03期

关键词：

insider control; soft budget constraint; property rights; control rights; corporate governance;

D O I：

10.1016/S0165-1765(98)00151-7

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Insider control of a firm is shown to be a cause of the soft budget constraint and it has many welfare consequences. The implication is that establishing effective corporate governance is a necessary measure to harden budget constraints. (C) 1998 Elsevier Science S.A. All rights reserved.

引用

页码：307 / 311

页数：5

共 8 条

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SHLEIFER, A
VISHNY, RW
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