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Access to financing, rents, and organization of the firm

Renucci, Antoine (2008), Access to financing, rents, and organization of the firm, Journal of corporate finance, 14, 4, p. 337-346. http://dx.doi.org/10.1016/j.jcorpfin.2008.03.001

Type
Article accepté pour publication ou publié
External document link
http://halshs.archives-ouvertes.fr/halshs-00365983/en/
Date
2008
Journal name
Journal of corporate finance
Volume
14
Number
4
Publisher
Elsevier
Pages
337-346
Publication identifier
http://dx.doi.org/10.1016/j.jcorpfin.2008.03.001
Metadata
Show full item record
Author(s)
Renucci, Antoine cc
Abstract (EN)
This paper provides a theory for the choice of an organizational structure by the headquarters of a unitary structure concerned about overload. The headquarters can avoid overload by delegating operational decisions to divisions, i.e., moving the firm to a multidivisional structure. We show that under moral hazard these divisions receive rents for incentive purposes, and that the multidivisional structure is able to invest more. Thus, there is a trade-off between increasing investment and paying rents. We also show that this trade-off applies to situations where firms consider engaging in acquisitions and joint ventures, or where entrepreneurs consider resorting to venture capitalists.
Subjects / Keywords
Gouvernance d'entreprise; Rationnement du crédit; Credit rationing; Agency rents; Unitary-form; Forme fonctionnelle; Forme multidivisionnelle; Multi-divisional form
JEL
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
G3 - Corporate Finance and Governance

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