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In the image, the wide field for the opportunistic opens
Behaviour of the higher managing directors: a part of resources of "command" they
Will try to switch to the personal needs in
Damage to interests of proprietors of corporation.
Long was considered that dispersion of the joint-stock property
Does the control over behaviour of management extremely
The inefficient: stimulus to be well informed about
Behaviour of managing directors weaken at shareholders on a measure
Reduction of their share in the cumulative capital of corporation.
However recently it has been shown that possibilities for
Managerial opportunism are rather limited: 1)
Capitalisation of the future consequences of current actions
Management it is expressed in rate fluctuations of actions of corporation
At a stock exchange; at share price falling their dump that begins
Directly threatens position of managers and, hence,
Has supervising influence on their behaviour (i.e.
The stock exchange disciplines managers in favour of interests
Shareholders); 2) in the same direction "market" operates also
Absorption - decrease in share price owing to
Opportunistic behaviour of managing directors would make
Corporation easier and convenient object for absorption,
Which inevitably would move to its change of the present
Managements; 3) the major role belongs to the market
Managerial work, on which talent and qualification
Managing directors are estimated on the basis of the signals arriving with
The capital market; except that, understanding managers of all
Ranks that the destiny of everyone depends on destiny of "command" in
Whole, induces them to the mutual control for restriction
Opportunistic behaviour in corporation; 4)
Shareholders can not interfere with decisions of operating, while
Corporation affairs go normally, but to pass to the rigid
To the control over their actions when it is created critical for
Existence of corporation position; 5) dispersion of actions
Promotes what even very small package can
To appear there is enough for its transformation in control; that
Most preconditions for an effective control are created for
Management from outside the representative of shareholders; 6)
Compensation of managers can be definitely
It is co-ordinated to level of the residual income of corporation.
Weighing benefits and costs of the joint-stock property,
The majority of modern writers come to a conclusion that it
Cannot be a source of decrease in efficiency.
Adjustable forms. For the adjustable enterprises the state
Enters restrictions on the admissible size of profit, i.e.
Limits the right (1) on assignment of the residual income.
The superfluous profit over this threshold level should
To arrive to consumers in the form of reduction of prices. In the similar
Conditions shareholders will concern more tolerantly to
To opportunistic behaviour of managers. At presence
The top limit on profit managers can satisfy
The personal needs, without restraining interests of shareholders.
Actually they will aspire to transform all "superfluous"
Profit in any not monetary satisfactions (to inflate
States to allow the big discrimination at hiring, to create
To itself more comfortable working conditions, etc.). Differently,
They will consume all "superfluous" profit, showing it
To regulating state structures under the pretext of higher
Costs. Therefore the basic part of the additional income,
On which shareholders are deprived the right, will appropriate not
It is so much consumers, how much managers of adjustable firms.
State-owned firms. A distinctive feature of the state
The enterprises - absence it is right (5) on free sale
All other competences. Thereby, first, it is excluded
Possibility of specialisation of different members of "command" in
Separate performance of functions of acceptance of risk and function
Managements as it occurs in private corporations.
Therefore the state agents will not be distributed in
Conformity with relative advantages, with which they
Possess in performance of this or that of these problems. Secondly,
It becomes impossible to express the capitalised cost
The future consequences of current actions of management, i.e.
To receive an exchange estimation of its administrative solvency.
Thirdly, there is a control easing from outside
Proprietors (tax bearers) behind behaviour
Management as they are deprived the right to sell the share in
The capital of the state enterprise. Fourthly, because of
Absence of possibilities for absorption the private market
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