Organizational Capital, Corporate Leadership, and Firm Dynamics

• 成果类型: Article
• 署名作者: Dessein, Wouter; Prat, Andrea
• 署名单位: Columbia University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/718985
• 发表日期: 2022
• 页码: 1477-1536
• 关键词: management-practices; size distribution; PRODUCTIVITY; decisions; CONTRACTS; selection; GROWTH; matter; MODEL

摘要

We argue that economists have studied the role of management from three perspectives: contingency theory (CT), an organization-centric empirical approach (OC), and a leader-centric empirical approach (LC). To reconcile these three perspectives, we augment a standard dynamic firm model with organizational capital, an intangible, slow-moving, productive asset that can be produced only with the direct input of the firm's leadership and that is subject to an agency problem. We characterize the steady state of an economy with imperfect governance and show that it rationalizes key findings of CT, OC, and LC as well as generates a number of new predictions on performance, management practices, chief executive officer behavior and compensation, and governance.