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Product-Market Competition and Managerial Slack
Abstract
This article analyzes the effect of product-market competition on managerial incentives. In contrast to Hart (1983a), I show that competition may actually exacerbate the incentive problem. The difference in results derives from our different assumptions about managerial preferences. The importance of assumptions about preferences suggests that we do not yet understand the precise mechanism through which competition affects incentives.
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Cited by
Competition and innovation: an inverted U relationship
Blundell, R., Howitt, P., Griffith, R., Aghion, P., & Bloom, N. (2002) · Working Paper Series · doi:10.1920/wp.ifs.2002.0204 · Cited by 2,109
Competition and Innovation: An Inverted-U Relationship*
Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2005) · Quarterly Journal of Economics · doi:10.1162/0033553053970214 · Cited by 995
Corporate governance in China: A modern perspective
Jiang, F., & Kim, K. A. (2015) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2014.10.010 · Cited by 931
Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition
Ayyagari, M., Demirgüç-Kunt, A., & Maksimovic, V. (2011) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109011000378 · Cited by 911
Aggarwal, R. K., & Samwick, A. A. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00180 · Cited by 733
Metadata
- Authors
- Scharfstein, D.
- Venue
- The RAND Journal of Economics
- Publisher
- Wiley
- Published
- 1988
- Volume
- 19
- Issue
- 1
- Pages
- 147
- ISSN
- 0741-6261 (ISSN-L)
- OpenAlex
- W2166373223
- Cited by
- 512
- References
- 0
- FWCI
- 13.37
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
