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Article: Determinants of golf tournament earnings.
- Article from:
- American Economist
- Article date:
- March 22, 1998
- Author:
CopyrightCOPYRIGHT 1998 Omicron Delta Epsilon. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I. Determinants of Professional Golf Tournament Earnings
Maximizing the value of the firm is generally considered the basic fundamental of financial management. To maximize the value of the firm, financial managers should undertake investments that increase the value of the firm. Such an objective can be met by undertaking projects with positive net present values (Brealey and Myers, 1991). However, when ownership and management of a firm are separated, as in the case of a corporation, a conflict between managers and owners, known as the agency problem may result (Jensen and Meckling, 1976). The agency problem can lead managers to pursue goals such as revenue ...