Hard debt, soft CEO and union rents
Sometimes shareholders are better off delegating to a CEO with different objectives than their own. A top manager motivated to share surpluses with workers can encourage union members to adopt efficient production methods. Bond covenants may constrain managers from acquiescing to union wage demands....
| Định dạng: | Working paper |
|---|---|
| Được phát hành: |
University of Oxford
2003
|