Summary: Strategy & Organization Design
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Lectures
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(1) Underlying assumptions for agency theory (4)
- all actors are boundedly rational (cognitive)
- information asymmetry between principal and agent (information)
- all actors are self-interested (motivational)
- agents are more risk averse than principles (risk attitude) -
(1) When it's difficult to apply solutions derived from agency theory (5)
- the case of knowledge work
- multitask situations
- incentive life-cycles
- unintended effects of monetary incentives
- money is not all that matters -
(2) Private ownership consists of two rights:
- residual right of control
- residual return rights -
(2) Why does private ownership matters? (2)
- optimal alignment of incentives
- reduces complexity in transactions -
(2) Forms of market contracting costs (3)
- power inequalities
- contractual incompleteness/asymmetric knowledge
- asymmetric information -
(2) Forms of ownership costs (3)
- risk bearing costs
- coordination and decision-making costs
- agency costs -
(2) Five features of a publicly listed firm (PLF)
- investor ownership
- transferrable shares
- delegated management
- limited liability
- legal personality -
(3) Four different forms of monitoring
- board monitoring
- concentrated ownership
- shareholder activism
- market for corporate control -
(3) Three forms of bonding
- performance dependent executive pay
- stock options
- managerial ownership -
(3) Four different owners of a firm:
- Investor owned
- Customer owned
- Supplier owned
- Employee owned
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