We model a multidivisional firm as a three-tier economic organization. The larger the number of divisions, the lower is the owner's capacity to monitor delegated managers. We show how resultant misaligned managerial incentives can translate into differences in employee incentive schemes between...

Previous research shows that refund bonuses are a simple and practical solution to the implementation problem of the all-or-nothing funding method used in crowdfunding. This paper shows in a framework with imperfect information that the offer of refund bonuses has no implications for the project...