Participative Budgeting and Managerial Performance*
实验研究了参与式预算、私有状态信息和相对技能对企业和管理者福利的影响，发现参与式预算能显著改善福利，且状态信息类型与参与对管理者绩效有交互作用。
ABSTRACT Recent analytical and empirical research in budgeting has focused on conditions under which participation may or may not prove beneficial to the firm. The present study seeks to examine (in a budget setting) the impact on firm returns of managerial participation, private state information, and relative skill. Experimental results indicate a significant improvement in firm and managerial welfare across favorable and unfavorable private state information with budgetary participation. A significant interaction between the type of state information and participation is reported for managers but not firm returns. Finally, relative skill signals are shown to lead to improved managerial performance.