The Impacts of Managerial Autonomy on Firm Outcomes
利用印度自然实验，研究授予国有企业经理更多战略决策自主权的影响，发现自主权提高了企业增加值，但减少了政府重视的工人福利并提高了加价率。
The allocation of decision‐making power is a critical choice that organizations make to mitigate agency problems and information frictions. This paper investigates the role of delegation for organizations where the agency problem is both pervasive and has potentially high welfare consequences: state‐owned enterprises (SOEs). I use a natural experiment in India to uncover the causal effects of granting SOE managers more autonomy over strategic decisions. Managers meaningfully exercise this autonomy, which results in greater value added, but also a reduced emphasis on outcomes valued by the government, such as a reduction in worker amenities (employee housing), and an increase in markups. Returns to autonomy are higher for firms with higher baseline incentive conflict.