The Agency Problem of the Modern Era – The Conflict Between Shareholders’ and Managers’ Motives to Invest in Happiness

IF 3.1 2区 心理学 Q1 PSYCHOLOGY, MULTIDISCIPLINARY
Shay Tsaban, Tal Shavit
{"title":"The Agency Problem of the Modern Era – The Conflict Between Shareholders’ and Managers’ Motives to Invest in Happiness","authors":"Shay Tsaban, Tal Shavit","doi":"10.1007/s10902-024-00810-2","DOIUrl":null,"url":null,"abstract":"<p>In recent years, there has been increasing emphasis on firms’ investment in happiness and the associated benefits of doing so. In this paper, we discuss the agency problem regarding investments in happiness. The agency problem occurs when managers’ motivations for investing in happiness differ from shareholders’ motivations, leading to a conflict of interests that affects every key corporate decision. To investigate this problem, we propose a theoretical framework that integrates financial incentives with behavioral aspects, and use it to analyze the decision-making process of managers and shareholders. We also provide a detailed account of their anticipated benefits and utilities arising from investing in happiness. We explain the financial implications of the value gap that results from the inherent conflict of interests and provide appropriate solutions for reducing the gap in a variety of circumstances.</p>","PeriodicalId":15837,"journal":{"name":"Journal of Happiness Studies","volume":"24 1","pages":""},"PeriodicalIF":3.1000,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Happiness Studies","FirstCategoryId":"102","ListUrlMain":"https://doi.org/10.1007/s10902-024-00810-2","RegionNum":2,"RegionCategory":"心理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"PSYCHOLOGY, MULTIDISCIPLINARY","Score":null,"Total":0}
引用次数: 0

Abstract

In recent years, there has been increasing emphasis on firms’ investment in happiness and the associated benefits of doing so. In this paper, we discuss the agency problem regarding investments in happiness. The agency problem occurs when managers’ motivations for investing in happiness differ from shareholders’ motivations, leading to a conflict of interests that affects every key corporate decision. To investigate this problem, we propose a theoretical framework that integrates financial incentives with behavioral aspects, and use it to analyze the decision-making process of managers and shareholders. We also provide a detailed account of their anticipated benefits and utilities arising from investing in happiness. We explain the financial implications of the value gap that results from the inherent conflict of interests and provide appropriate solutions for reducing the gap in a variety of circumstances.

Abstract Image

现代的代理问题--股东和经理人投资于幸福的动机之间的冲突
近年来,人们越来越重视企业在幸福感方面的投资及其相关收益。在本文中,我们将讨论有关幸福投资的代理问题。当管理者投资幸福感的动机与股东的动机不同时,就会出现代理问题,从而导致利益冲突,影响企业的每一个关键决策。为了研究这个问题,我们提出了一个将财务激励与行为方面相结合的理论框架,并用它来分析经理和股东的决策过程。我们还详细阐述了他们投资幸福所产生的预期收益和效用。我们解释了内在利益冲突导致的价值差距的财务影响,并提供了在各种情况下缩小差距的适当解决方案。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
8.60
自引率
6.50%
发文量
110
期刊介绍: The international peer-reviewed Journal of Happiness Studies is devoted to theoretical and applied advancements in all areas of well-being research. It covers topics referring to both the hedonic and eudaimonic perspectives characterizing well-being studies. The former includes the investigation of cognitive dimensions such as satisfaction with life, and positive affect and emotions. The latter includes the study of constructs and processes related to optimal psychological functioning, such as meaning and purpose in life, character strengths, personal growth, resilience, optimism, hope, and self-determination. In addition to contributions on appraisal of life-as-a-whole, the journal accepts papers investigating these topics in relation to specific domains, such as family, education, physical and mental health, and work. The journal welcomes high-quality theoretical and empirical submissions in the fields of economics, psychology and sociology, as well as contributions from researchers in the domains of education, medicine, philosophy and other related fields. The Journal of Happiness Studies provides a forum for three main areas in happiness research: 1) theoretical conceptualizations of well-being, happiness and the good life; 2) empirical investigation of well-being and happiness in different populations, contexts and cultures; 3) methodological advancements and development of new assessment instruments. The journal addresses the conceptualization, operationalization and measurement of happiness and well-being dimensions, as well as the individual, socio-economic and cultural factors that may interact with them as determinants or outcomes. Central Questions include, but are not limited to: Conceptualization: What meanings are denoted by terms like happiness and well-being? How do these fit in with broader conceptions of the good life? Operationalization and Measurement: Which methods can be used to assess how people feel about life? How to operationalize a new construct or an understudied dimension in the well-being domain? What are the best measures for investigating specific well-being related constructs and dimensions? Prevalence and causality Do individuals belonging to different populations and cultures vary in their well-being ratings? How does individual well-being relate to social and economic phenomena (characteristics, circumstances, behavior, events, and policies)? What are the personal, social and economic determinants and causes of individual well-being dimensions? Evaluation: What are the consequences of well-being for individual development and socio-economic progress? Are individual happiness and well-being worthwhile goals for governments and policy makers? Does well-being represent a useful parameter to orient planning in physical and mental healthcare, and in public health? Interdisciplinary studies: How has the study of happiness developed within and across disciplines? Can we link philosophical thought and empirical research? What are the biological correlates of well-being dimensions?
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信