KeywordsInvestment Decision Investment Project Extrinsic Motivation Residual Income Capital Rationing
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- 1.A survey by Reece & Cool (1982) among large U.S. firms indicates that almost three quarter of the responding firms delegate decision-making authority to investment centers.Google Scholar
- 2.See, Milgrom & Roberts (1992), pp. 544–545.Google Scholar
- 3.See Neuberger (1980), p. 1361.Google Scholar
- 4.For an experimental study analyzing the importance of intrinsic and extrinsic motivation in a capital budgeting setting see Butler, et al. (2002). The interaction between intrinsic and extrinsic motivation is discussed by Kreps (1997) and formally analyzed by Benabou & Tirole (2002).Google Scholar
- 6.See, e.g., Brealey & Myers (1996), pp. 255–264 and pp. 589–616.Google Scholar
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