战略管理流程讲义英文版10
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Ch10-3
Separation of Ownership and Managerial Control
Basis of the modern corporation
Shareholders purchase stock, becoming Residual Claimants
- Shareholders reduce risk efficiently by holding diversified portfolios
Chapter 13
Entrepreneurship
& Innovation
Strategic Actions
Strategic Outcomes
Feedback
Strategic Competitiveness Above Average
Returns
Ch10-2
Corporate Governance
Example: Overdiversification because increased product diversification leads to lower employment risk for managers and greater compensation
Solution: Principals engage in incentive-based performance contracts, monitoring mechanisms such as the board of directors and enforcement mechanisms such as the managerial labor market to mitigate the agency problem
managers Ch10-4
Agency Theory
An agency relationship exists when:
Shareholders (Principals)
Firm Owners
Hire
Agency Relationship
Risk Bearing Specialist (Principal)
Corporate Governance is a relationship among stakeholders that is used to determine and control the strategic direction and performance of organizations
Level of Diversification
Unrelated Businesses
Ch10-7
Agency Theory
Principals may engage in monitoring behavior to assess the activities and decisions of managers
Concerned with identifying ways to ensure that strategic decisions are made effectively
Used in corporations to establish order between the firm’s owners and its top-level managers
Chapter 10
Corporate Governance
Ch10-1
Strategic Inputs
Chapter 2 External Environment
Chapter 3 Internal Environment
Strategic Intent Strategic Mission
The Strategic Management
Professional managers contract to provide decisionmaking
Modern public corporation form leads to efficient specialization of tasks
- Risk bearing by shareholders - Strategy development and decision-making by
Managerial DecisionMaking Specialist (Agent)
Managers (Agents)
Decision Makers
which creates
Ch10-5
Agency Theory
The Agency problem occurs when:
- The desires or goals of the principal and agent conflict and it is difficult or expensive for the principal to verify that the agent has behaved appropriately
Chapter 8
International Strategy
Chapter 9
Cooperative Strategies
Chapter 10 Corporate Governance
Chapter 12 Strategic Leadership
Chapter 11 Structure & Control
Process
Strategy Formulation
Chapter 4
Business-Level Strategy
Chapter 5
Competitive Dynamics
Chapter 6
Corporate-Level Strategy
Chapter 7
Acquisitions & Restructuring
Ch10-6
Manager and Shareholder Risk and Diversification
Shareholder
(Business)
Managerial
Risk Profile
(Employment)
S
Risk Profile
源自文库
M
Risk
Dominant Business
A Related Related B Constrained Linked
Separation of Ownership and Managerial Control
Basis of the modern corporation
Shareholders purchase stock, becoming Residual Claimants
- Shareholders reduce risk efficiently by holding diversified portfolios
Chapter 13
Entrepreneurship
& Innovation
Strategic Actions
Strategic Outcomes
Feedback
Strategic Competitiveness Above Average
Returns
Ch10-2
Corporate Governance
Example: Overdiversification because increased product diversification leads to lower employment risk for managers and greater compensation
Solution: Principals engage in incentive-based performance contracts, monitoring mechanisms such as the board of directors and enforcement mechanisms such as the managerial labor market to mitigate the agency problem
managers Ch10-4
Agency Theory
An agency relationship exists when:
Shareholders (Principals)
Firm Owners
Hire
Agency Relationship
Risk Bearing Specialist (Principal)
Corporate Governance is a relationship among stakeholders that is used to determine and control the strategic direction and performance of organizations
Level of Diversification
Unrelated Businesses
Ch10-7
Agency Theory
Principals may engage in monitoring behavior to assess the activities and decisions of managers
Concerned with identifying ways to ensure that strategic decisions are made effectively
Used in corporations to establish order between the firm’s owners and its top-level managers
Chapter 10
Corporate Governance
Ch10-1
Strategic Inputs
Chapter 2 External Environment
Chapter 3 Internal Environment
Strategic Intent Strategic Mission
The Strategic Management
Professional managers contract to provide decisionmaking
Modern public corporation form leads to efficient specialization of tasks
- Risk bearing by shareholders - Strategy development and decision-making by
Managerial DecisionMaking Specialist (Agent)
Managers (Agents)
Decision Makers
which creates
Ch10-5
Agency Theory
The Agency problem occurs when:
- The desires or goals of the principal and agent conflict and it is difficult or expensive for the principal to verify that the agent has behaved appropriately
Chapter 8
International Strategy
Chapter 9
Cooperative Strategies
Chapter 10 Corporate Governance
Chapter 12 Strategic Leadership
Chapter 11 Structure & Control
Process
Strategy Formulation
Chapter 4
Business-Level Strategy
Chapter 5
Competitive Dynamics
Chapter 6
Corporate-Level Strategy
Chapter 7
Acquisitions & Restructuring
Ch10-6
Manager and Shareholder Risk and Diversification
Shareholder
(Business)
Managerial
Risk Profile
(Employment)
S
Risk Profile
源自文库
M
Risk
Dominant Business
A Related Related B Constrained Linked