Raghavendra, Srinivas; Piiroinen, Petri T. - 2019
In this paper, we show how the conflict between the shareholders (owners) and managers of firms in terms of profit … plausible values and this range is determined by the conflict between shareholders and managers. The conflict as a closure, we … yields hysteresis in that it generates two different disequilibrium growth paths when shareholders and managers struggle to …
