Work Ethic, Employment Contracts, and Firm Value
分析管理者职业道德如何影响企业的雇佣合同、风险、增长潜力和组织结构，发现勤勉管理者适合固定合同，而官僚化、低增长企业更能从勤勉中获益。
ABSTRACT We analyze how the work ethic of managers impacts a firm's employment contracts, riskiness, growth potential, and organizational structure. Flat contracts are optimal for diligent managers because they reduce risk‐sharing costs, but they attract egoistic agents who shirk and unskilled agents who add no value. Stable, bureaucratic firms with low growth potential are more likely to gain value from managerial diligence. Firms that hire from a virtuous pool of agents are more conservative in their investments and have a horizontal corporate structure. Our theory also yields several testable implications that distinguish it from standard agency models.