Technological Change and the Theory of the Firm: The American Locomotive Industry, 1920–1955

1976 ◽  
Vol 50 (1) ◽  
pp. 1-24 ◽  
Author(s):  
Thomas G. Marx
Keyword(s):  
Technological Change ◽  
Theory Of The Firm ◽  
Managerial Behavior ◽  
Dominant Firms

This study analyzes the differing managerial behavior of the three dominant firms in the steam locomotive oligopoly as diesel locomotives replaced steam.

The Structure and Pricing of Corporate Debt Covenants

2015 ◽  
Vol 05 (02) ◽  
pp. 1550001 ◽  
Author(s):  
Michael Bradley ◽  
Michael R. Roberts
Keyword(s):  
Financial Economics ◽  
Theory Of The Firm ◽  
High Growth ◽  
Cash Flows ◽  
Corporate Debt ◽  
Managerial Behavior ◽  
Growth Opportunities ◽  
Macroeconomic Factors ◽  
Corporate Borrowing ◽  
Corporate Loan

We provide evidence on the covenant structure of corporate loan agreements. Building on the work of Jensen and Meckling [1976, Theory of the Firm: Managerial Behavior, Agency Costs, and Captial Structure, Journal of the Financial Economics 3, 305–360], Myers [1977, Determinants of Corporate Borrowing, Journal of Financial Economics 5, 145–147] and Smith and Warner [1979, On Financial Contracting: An Analysis of Bond Covenants, Journal of Financial Economics 7(2), 117–161]. We summarize and test the implications for what we refer to as the Agency Theory of Covenants (ATC), using a large sample of privately placed corporate debt. Our results are consistent with many of the implications of the ATC, including a negative relation between the promised yield on corporate debt and the presence of covenants. We also find that borrower and lender characteristics, as well as macroeconomic factors, determine covenant structure. Loans are more likely to include protective covenants when the borrower is small, has high growth opportunities or is highly levered. Loans made by investment banks and syndicated loans are also more likely to include protective covenants, as are loans made during recessionary periods or when credit spreads are large. Finally, we show that consistent with the ATC, firms that elect to issue private rather than public debt are smaller, have greater growth opportunities, less long-term debt, fewer tangible assets, more volatile cash flows and include more covenants in their debt agreements. An important byproduct of our analysis is to demonstrate empirically that covenant structure and the yield on corporate debt are determined simultaneously.

A note on managerial behavior and the theory of the firm

1986 ◽  
Vol 15 (1-2) ◽  
pp. 123-134 ◽  
Author(s):  
Mark Kroll ◽  
Herb Johnson
Keyword(s):  
Theory Of The Firm ◽  
Managerial Behavior

scholarly journals O TEMA “CUSTOS” EM PERIÓDICOS DA ENGENHARIA DE PRODUÇÃO: UMA ANÁLISE BIBLIOMÉTRICA E PERSPECTIVAS FUTURAS

2015 ◽  
Vol 11 (3) ◽  
Author(s):  
Tiago Henrique De Paula Alvarenga ◽  
Simone Sartori ◽  
Jairo José Assumpção ◽  
Lucila Maria Souza Campos
Keyword(s):  
Ownership Structure ◽  
Agency Costs ◽  
Operational Research ◽  
Theory Of The Firm ◽  
Management Science ◽  
Production Economics ◽  
Managerial Behavior

<p><em>O objetivo desse artigo é realizar um mapeamento das publicações sobre o tema custos na engenharia de produção e, como consequência, identificar um portfólio bibliográfico das publicações na área. Para atender ao objetivo, fez-se uma análise bibliométrica nos dois principais periódicos brasileiros especializados na área de engenharia de produção (Produção – ISSN 0103-6513 e Gestão &amp; Produção – ISSN 0104-530X). Após a busca, foram selecionados 43 artigos relevantes e 540 artigos de referências, que passaram a representar o portfólio bibliográfico. Na análise bibliométrica do portfólio bibliográfico evidencia-se: o autor mais citado “José Luis Duarte Ribeiro”; o artigo com maior reconhecimento científico "Competitividade e coordenação de sistemas agroindustriais: um ensaio conceitual" de Elizabeth M. M. Q. Farina com 130 citações; as palavras-chave mais presentes “custos de transação” e “custos”; o método de pesquisa mais usado é o “estudo de caso” (46% dos casos são únicos e 54% são múltiplos). Na análise das referências do portfólio bibliográfico destaca-se: os periódicos “Management Science”, “European Journal of Operational Research” e “International Journal of Production Economics”; o autor mais citado “Mohamad Y. Jaber”; em relação ao reconhecimento científico o artigo "Theory of the firm: Managerial behavior, agency costs and ownership structure” de Michael C. Jensen e William H. Meckling, com 44.083 citações. Tal estudo permitiu descobrir as características de publicações do campo e com isso visualizar a evolução científica, os principais autores, os periódicos mais relevantes, as palavras-chave mais utilizadas e características distintivas que integraram os estudos realizados. </em></p>

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