Organizational Capital, Corporate Leadership, and Firm Dynamics
通过将组织资本引入标准动态企业模型，整合了管理学中三种研究视角，解释了公司治理、高管行为与绩效的关系，并提出了新的预测。
We argue that economists have studied the role of management from three perspectives: contingency theory (CT), an organization-centric empirical approach (OC), and a leader-centric empirical approach (LC). To reconcile these three perspectives, we augment a standard dynamic firm model with organizational capital, an intangible, slow-moving, productive asset that can be produced only with the direct input of the firm’s leadership and that is subject to an agency problem. We characterize the steady state of an economy with imperfect governance and show that it rationalizes key findings of CT, OC, and LC as well as generates a number of new predictions on performance, management practices, chief executive officer behavior and compensation, and governance.