Information Production And Capital Allocation : Decentralized versus Hierarchical Firms  

Oleh:

Stein, Jeremy C.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 5 (2002), page 1891-1922.
Topik: production; studies; banking industry; bank acquisitions & mergers; small business loans; organizational structure; capital investments
Fulltext: p 1891.pdf (150.39KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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This paper asks how well different organizational structures perform in terms of generating information about investment projects and allocating capital to these projects. A decentralized approach - with small, single - manager firms - is most likely to be attractive when information about projects is "soft" and cannot be credibly transmitted. In contrast, large hierarchies perform better when information can be costlessly "hardened" and passed along inside the firm. The model can be used to think about the consequences of consolidation in the banking industry, particularly the documented tendency for mergers to lead to declines in small - business lending.

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