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1、InterestAlignmentandFirmPerformanceOliverGottschalg*HECSchoolofManagement,ParisDegenhardMeier**RWTHAachenStephanSchödel***Bain&Company,Munich*OliverGottschalg,StrategyandBusinessPolicyDepartment,HECSchoolofManagement,Paris,78351JouyenJosasCedex,France,oliver.gottschalg
2、@insead.edu**DegenhardMeier,LehrstuhlWirtschaftswissenschaftenfürIngenieureundNaturwissenschaftler,RWTHAachen,52056Aachen,Germany,meier@win.rwth-aachen.de***StephanSchödel,Bain&Company80335München,Germany,Stephan.schoedel@bain.comFinancialsupportfromtheR&DDepartmentatI
3、NSEAD,theWharton-INSEADAlliance,theINSEAD-PwCResearchInitiativeonHighPerformanceOrganizationsandtheINSEADGesellschaftScholarshipisgratefullyacknowledged.Thisarticleisbasedonthefirstauthor’sdoctoraldissertationattheStrategyDepartmentofINSEAD.TheauthorsaregratefultoMikeW
4、rightandhisteamfromtheCentreforManagementBuyoutResearchattheUniversityofNottinghamfortheirhelpinthedatagatheringprocess.Theauthorswouldalsoliketothanktheanonymousreviewers,aswellasOlivierChatain,JavierGimeno,PhilippeHaspeslagh,Jean-FrancoisManzoni,HarbirSingh,MetinSeng
5、ul,MaurizioZolloandseminarparticipantsatACCS,HECandINSEADformanyvaluablecomments.Allerrorsandomissionsremainourownresponsibility.1ABSTRACTThedegreetowhichfirmsareabletoaligntheindividualinterestsoftheirmemberswithoverallstrategicobjectiveshasbeenlongrecognizedasafundam
6、entaldeterminantoffirmperformance(e.g.JensenandMeckling(1976;Jensen(1986)).Muchofourattentionhasfocusedontheroleofextrinsicmotivationbasedonrewardsandsanctionstoachievesuchinterestalignment.Recently,GottschalgandZollo(2004)haveproposedamorecomprehensiveconceptualframew
7、orkofinterestalignmentthatconsidersnotonlyextrinsic,butalsoenjoyment-basedhedonicintrinsicandobligation-basednormativeintrinsicmotivationalmechanisms.Thisstudyderivestestablehypothesesfromtheirframeworkandthusprovidesanempiricaltestofinterestalignmenttheorybasedonasamp
8、leof69managementbuyoutsintheUK.Theresultsofthemultivariateregressionmodelsuggestthatinthissetting,interestalignmentdo
