Diversification or splitting-an explanation based on Contract Theory     

罗良忠  史占中 《浙江大学学报(A卷英文版)》2005,6(4):329-333

INTRODUCTION Williamson (1975), Jensen and Meckling (1976),and Fama and Jensen (1983) held that incentive con-tracts and organizational form are closely tied, andthat organizational form is an optimal response toagency problem. Stiglitz (1986) argued that the in-centive structure of an organization ought to respondquickly to changes in the economic environment inorder to provide appropriate managerial incentives.Corporate divestment is certainly one of the mostdrastic changes in th…  相似文献