Financial distress as a collapse of incentive scheme

Detalhes bibliográficos
Autor(a) principal: Novaes, Walter
Data de Publicação: 1993
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/12273
Resumo: This paper explaina why workers lack motivation near bankruptcy, why they tend to leave companies in financiai distreas, and why thoae who remam require higher compensation. Theae indirect costa of financiai diatresa adie becauae the optimal combination of debt and incentive achem.ea, deaigned to minimize agency costa, ends up underpaying managers when there ia a bankruptcy threat. The paper a1so providea new empirica1 implications on the intera.ction between financiai reatructuring and changea in managerial compensation. Theae predictions are supported by the findings of Gilson and Vetsuypens (1992).
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spelling Novaes, WalterEscolas::EPGEFGV2014-10-29T13:57:38Z2014-10-29T13:57:38Z1993-05-05http://hdl.handle.net/10438/12273This paper explaina why workers lack motivation near bankruptcy, why they tend to leave companies in financiai distreas, and why thoae who remam require higher compensation. Theae indirect costa of financiai diatresa adie becauae the optimal combination of debt and incentive achem.ea, deaigned to minimize agency costa, ends up underpaying managers when there ia a bankruptcy threat. The paper a1so providea new empirica1 implications on the intera.ction between financiai reatructuring and changea in managerial compensation. Theae predictions are supported by the findings of Gilson and Vetsuypens (1992).engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessFinancial distress as a collapse of incentive schemeinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaFalênciareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000088993.pdf000088993.pdfapplication/pdf1760473https://repositorio.fgv.br/bitstreams/5832d5ef-6f2f-4f80-ac7a-ddd92e14532e/download6b488e6bb40a4d0ef180e5d0f36c6713MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/9e8bf2c8-e535-455c-948d-b0d004ff968f/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT000088993.pdf.txt000088993.pdf.txtExtracted 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dc.title.eng.fl_str_mv Financial distress as a collapse of incentive scheme
title Financial distress as a collapse of incentive scheme
spellingShingle Financial distress as a collapse of incentive scheme
Novaes, Walter
Economia
Falência
title_short Financial distress as a collapse of incentive scheme
title_full Financial distress as a collapse of incentive scheme
title_fullStr Financial distress as a collapse of incentive scheme
title_full_unstemmed Financial distress as a collapse of incentive scheme
title_sort Financial distress as a collapse of incentive scheme
author Novaes, Walter
author_facet Novaes, Walter
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Novaes, Walter
dc.subject.area.por.fl_str_mv Economia
topic Economia
Falência
dc.subject.bibliodata.por.fl_str_mv Falência
description This paper explaina why workers lack motivation near bankruptcy, why they tend to leave companies in financiai distreas, and why thoae who remam require higher compensation. Theae indirect costa of financiai diatresa adie becauae the optimal combination of debt and incentive achem.ea, deaigned to minimize agency costa, ends up underpaying managers when there ia a bankruptcy threat. The paper a1so providea new empirica1 implications on the intera.ction between financiai reatructuring and changea in managerial compensation. Theae predictions are supported by the findings of Gilson and Vetsuypens (1992).
publishDate 1993
dc.date.issued.fl_str_mv 1993-05-05
dc.date.accessioned.fl_str_mv 2014-10-29T13:57:38Z
dc.date.available.fl_str_mv 2014-10-29T13:57:38Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/12273
url http://hdl.handle.net/10438/12273
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Seminários de pesquisa econômica da EPGE
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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