Managerial and Stockholder Welfare Models of Firm Expenditures
Managerial and Stockholder Welfare Models of Firm Expenditures
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DOI：
10.2307/1927491
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发表时间：
1972-02
期刊：
影响因子：
--
通讯作者：
H. Grabowski;D. Mueller
中科院分区：
文献类型：
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作者：
H. Grabowski;D. Mueller
本研究在一个共同的分析框架内考察了企业资本投资、研究与开发和股利支出的决定因素。与过去的工作相比，它的两个基本目标是：第一，通过考虑它们之间的相互依赖关系，更深入地探讨决定这些支出的力量;第二，提供一个评估有关企业动机的替代假设的框架。最大化股东目标的公司在支出决策上会表现出与追求管理目标的公司不同的行为。因此，两个主要变量的公司支出模型，基于这些竞争对手的概念的动机，开发和测试。
T HIS study investigates within a comrnon analytical framework the determinants of firm expenditures o;n capital investment, research and development and dividends. Its two basic objectives relative to past work are: first, to probe more deeply into the forces determining these outlays by taking into account the interdependencies among them,' and second, to provide a framework for evaluating alternative assumptions regarding firm motivation. A firm maximizing stockholder objectives will exhibit different behavior in its expenditure decisions from one pursuing managerial goals. Consequently, two main variants of a model of firm expenditures, based on these rival concepts of motivation, are developed and tested.