期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2008
卷号：1
出版社：Monash University
摘要：In a typical corporate hierarchy, the manager is delegated the authority to
make strategic decisions, and to contract with other employees. We study
when such delegation can be optimal. In centralization, the owner retains
the authority, which fails to motivate the manager to acquire valuable information,
leading to suboptimal decisions and inefficient incentive provision to
the worker. Beneficial delegation should necessarily motivate the manager to
acquire information, which is possible only when the authority is delegated
to the manager. We also document comparative statics results regarding the
benefits of delegation and discuss when delegation is more likely to dominate
centralization.
关键词：Corporate hierarchies, information gathering, delegation, centralization.
