The role of value based management in resolving the contradictions of property relations: motivation model of the hired manager
https://doi.org/10.38050/01300105201952
Abstract
The development of productive forces in time predetermines qualitative change of industrial relations that creates a basis for contradictory property relations involving the division of the range of powers of the owner and their partial transfer to an additional subject of ownership or a hired top manager. The article describes the conflicting interests of a hired manager and owner in relation to ownership object and the implications while realizing these interests which entail the emergence of “agency problem” or “agency relations”. We study the concept of “agency costs” and their essence. We propose to use the method of business value management as a basis for a model of long-term motivation of the top manager and, thus, try to reconcile the interests of the owner and the top manager in the course of company expansion.
About the Authors
M. S. Ilyina
Admiral Ushakov Marine State University
Russian Federation
Russian Federation
Novorossiysk
M. V. Botnaryuk
Admiral Ushakov Marine State University
Russian Federation
Russian Federation
Novorossiysk
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Review
For citations:
Ilyina M.S., Botnaryuk M.V. The role of value based management in resolving the contradictions of property relations: motivation model of the hired manager. Moscow University Economics Bulletin. 2019;(5):15-39. (In Russ.) https://doi.org/10.38050/01300105201952
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