Socialism and Intrafirm Asset Allocation
基于瑞士企业调查，发现内部资源分配中因追求“公平”而偏离最优配置的“社会主义”做法，在小企业更常见，且与经理人声誉无关，但与职位和资源使用历史相关。
Abstract We rely on a survey of Swiss firms to document deviation from first‐best for reasons of internal ‘fairness’ when allocating 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 funding, 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 .