Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/84404
Authors: 
Apreda, Rodolfo
Year of Publication: 
2004
Series/Report no.: 
Serie Documentos de Trabajo, Universidad del CEMA: Área: finanzas 283
Abstract: 
This paper seeks to expand on two topical strands in Government Finance and Political Science literature, rent-seeking and the soft-budget constraint, so as to bring forth a strong linkage with corporate governance environments. It will attempt to accomplish this task by setting up a distinctive framework of analysis that hinges on incremental cash flows. Firstly, it claims that both rent-seeking behavior and the soft-budget constraint are worthy of being applied to corporate governance learning and practice. Secondly, the paper contributes to focus on cash-flows reliability and managers' accountability. Thirdly, it is shown how conflicts of interest underlie rent-seeking behavior, and how the latter relates to the soft-budget constraint.
Subjects: 
Rent-Seeking
Soft-Budget Constraint
Corporate Governance
Incremental Cash Flow model
Conflicts of Interest
JEL: 
G30
G34
D72
D74
D82
Document Type: 
Working Paper

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