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Power and Conflicts of Interest in Professional Firms: Evidence from Investment Banking
Abstract
We study the resolution of conflicts of interest that arise when actors in professional firms represent separate parties with competing interests, using models of power and reputation to predict the resolution of such conflicts. We tested models on an initial sample of over 8,000 security analysts' ratings of corporate equity securities. Results show that analysts rate their clients' securities more favorably than other analysts rating the same securities. This positive bias is moderated by the reputation of the analyst and his or her department. Implications and extensions for organizational theory, multiservice professional firms, and security market regulation are discussed. [ABSTRACT FROM AUTHOR]
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Cited by
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Phillips, D. J., & Zuckerman, E. W. (2001) · American Journal of Sociology · doi:10.1086/324072 · Cited by 845
Connecting the Dots: Bringing External Corporate Governance into the Corporate Governance Puzzle
Aguilera, R. V., Desender, K. A., Bednar, M. K., & Lee, J. H. (2015) · Academy of Management Annals · doi:10.1080/19416520.2015.1024503 · Cited by 502
Burt, R. S. (2007) · Academy of Management Journal · doi:10.5465/amj.2007.24162082 · Cited by 414
Westphal, J. D., & Graebner, M. E. (2010) · Academy of Management Journal · doi:10.5465/amj.2010.48036721 · Cited by 323
Content and process: Organizational conflict and decision making
Gaba, V., & Joseph, J. (2023) · Frontiers in Psychology · doi:10.3389/fpsyg.2023.1227966 · Cited by 5
Metadata
- Authors
- Hayward, M. L. A., & Boeker, W.
- Venue
- Administrative Science Quarterly
- Publisher
- JSTOR
- Published
- 1998-03
- Volume
- 43
- Issue
- 1
- Pages
- 1
- ISSN
- 0001-8392 (ISSN-L)
- OpenAlex
- W1969060875
- Cited by
- 160
- References
- 0
- FWCI
- 10.76
- Type
- journal article
- Language
- en
- Open access
- closed
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