Socialism and intrafirm asset allocation

Loderer, Claudio; Joerg, Petra; Roth, Lukas (2005). Socialism and intrafirm asset allocation. European Financial Management, 11(2), pp. 133-152. Wiley-Blackwell 10.1111/j.1354-7798.2005.00279.x

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We rely on a survey of Swiss firms to document deviation from first-best for reasons of internal 'fairness' when allicating resources. This 'socialist' practice is more widespread in smaller than in larger firms. It ignores the reputation and past performance of the managers who apply for dunding, but takes into account their hierarchical position and their past use of resources. Socialism is only partially explained by concerns about empire building and managerial optimism, and it is not meant to benefit shareholders.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Financial Management

UniBE Contributor:

Loderer, Claudio; Joerg, Petra and Roth, Lukas

Subjects:

300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

1468-036X

Publisher:

Wiley-Blackwell

Language:

English

Submitter:

Karin Dolder

Date Deposited:

09 Jan 2014 11:26

Last Modified:

29 Dec 2014 22:15

Publisher DOI:

10.1111/j.1354-7798.2005.00279.x

BORIS DOI:

10.7892/boris.39503

URI:

https://boris.unibe.ch/id/eprint/39503

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