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Making Partner: How it Influences Business Risk Strategy and Execution Effort

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Date
2019
Indexation documentaire
Economie industrielle
Subject
Career concerns; partnerships; reputation risk; business risk; D83; G30; L14; L26
Code JEL
L.L2.L26; L.L1.L14; G.G3.G30; D.D8.D83
Nom de la revue
The Scandinavian Journal of Economics
Date de publication
2019
Nom de l'éditeur
Wiley
DOI
http://dx.doi.org/10.1111/sjoe.12390
URI
https://basepub.dauphine.fr/handle/123456789/20471
Collections
  • LEDa : Publications
Métadonnées
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Auteur
Loss, Frédéric
559342 Laboratoire d'Economie de Dauphine [LEDa]
Renucci, Antoine
Type
Article accepté pour publication ou publié
Résumé en anglais
Associates need reputation and financial resources to make partner at law firms, consultancies, or venture capital organizations. We provide a theory for how this prospect influences the business risk strategy they pursue and their execution effort. In our model, business risk affects how reputation evolves and the benchmark reputation for making partner through the impact of execution effort on the financial resources accumulated. We show that (i) when business risk is observable, high‐reputation associates take high business risk, rather than low business risk, to protect their reputation, (ii) opening partner positions decreases effort incentives of the best‐reputation associates, and we conjecture that (iii) wage dispersion at associate level should be higher when business risk is unobservable.

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 Cette création est mise à disposition sous un contrat Creative Commons.