Mehay, Stephen; Gonzalez, Rodolfo - In: Public Choice 46 (1985) 1, pp. 79-86
It has been argued that organizations which are unable to directly appropriate any of the firm's residual earnings tend to experience various forms of wealth-taking by managers (Alchian and Kessel, 1962). This wealth-taking has been observed in privately-owned, regulated firms (Nelson, 1980) as...