We analyze how limited contractibility and the informational quality of audits affect inventory levels and the optimality of individual versus team-based production. We use a two-period agency model in which contractibility is limited and agents meet a fixed delivery quota each period. A costly...

We examine the relation between the quality of corporate governance practices and firm value for Thai firms, which often have complex ownership structures. We develop a comprehensive measure of corporate governance and show that, in contrast to conventional measures of corporate governance, our...