A buy-out is a fundamental change in the structure of ownership that may affect the way employee relations develop within an organisation. Little is known about the impact of buyouts upon employee relations. This paper aims to address this gap. We focus on two main questions. First, what are the...

We study the behavior of football (soccer) referees in the German Bundesliga. Referees are requested to act as impartial agents. However, they may be tempted to allocate benefits and rewards in a biased way. Agency theory has long neglected this form of malfeasance of economic agents, but has...

Economic theories of the last decades provide analytical framework within which we can explain institutional conditions for corrupt action. Specialists making economic policy recommendations to resolve this problem use several approaches, the most dominant of which are rent seeking and agency...

Companies seeking new ways to cut structural cost and to increase their competitive edge in the market will outsource activities. The result of this is that outsourcing has contributed to an increase in the strategic impact of purchasing departements. This article builds on the reasoning that...

In the theoretical framework of corporate governance this article studies the efficiency of the control exerted by the ownership structure and the board of directors on managers. The confrontation of en-trenchment theory and agency theory allows to determine the necessary conditions of the...

This research is focused on the study of the influence of ownership structure on the underperformance of firms in the Paris Stock Exchange. Agency theory assumes that ownership structure of a firm influences its performance and this through two of its components:the capital concentration and the...

This article fets out the results of an empirical study, realised on the French Stocks Exchange, of the reactions of prices, when there are announcements of important changes of the dividend. Two hypotheses are opposed:the signaling and the free cash flow hypothesis. The market reacts to the...

When Insurers Go Bust applies agency theory and the theories of adverse selection and moral hazard as the motivation for prudential regulation of insurance. The resulting scheme has strong flavors of verifiability, simplicity, consistency, and transparency. In consequence, ruin theory does not...

Two major methods of explaining economic institutions, namely by strategic choices or through (indirect) evolution, are compared for the case of a homogenous quadratic duopoly market. Sellers either can provide incentives for agents to care for sales, or evolve as sellers who care for sales in...

This paper presents the results of an empirical study which had been realized on French quoted firms. This research aims at explaining the firm dividend level by insider equity and the dispersion of shareholders and relies on agency theory. The results show that insider equity is negatively...