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Image sizes: 256x256, 48x48, 32x32, 24x24, 20x20, 16x16 File formats: ICO, BMP, GIF, PNG Tags: olivia wilde icon, icons without software, the new icon, cute icons and graphics, freeagent iconClose binding of interests of managing directors to interests of proprietors. And that, andAnother demands considerable expenses. However expenses on reduction of losses from opportunistic behaviour can To incur not only principals, but also agents. M.Dzhensen and U.Mekling (24) have named them "costs of entering of pledge" (bonding costs). (Another Possible transfer - "self-restriction costs"). Agents voluntary put Itself in more severe constraints, constraining freedom of the future actions. They as Would bring "pledge" which lose if it is found out that their behaviour Deviates interests of the principal. Sometimes it accepts obvious forms, when, For example, building contractors deposit the certain sum which can Will lose, if the project is not executed in time or will not correspond To the stipulated requirements. But more often - implicit, when, say, managers Voluntary give accounting reports, invite for the regular Checks of independent auditors or involve financial resources not with a way Additional issue of actions, and letting out bonds or taking the credit in bank. Depends on that, well or badly there are company affairs, therefore such decision Limits a freedom of action of managers, switching on and possibility to use Such blessing rather valuable to them as "a quiet life". It is one of the reasons, Why release of bonds of any corporation is accompanied usually by growth Course of its actions.) as "pledge" the place taken by the manager acts here. In Eyes of shareholders similar decisions serve as a guarantee that because of loss threat "Pledge" managers will prefer to abstain from temptation Opportunistic behaviour. Other form of opportunistic behaviour - "extortion" (hold-up) - Has taken the central place in O.Uiljamsona's researches. It has shown that The similar behaviour is provoked by the transactions, concerning investments into the specific Resources. They can become a source of bilateral monopolies. We take, for example, the worker who has got for many years of cooperation with one
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