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Strategic debt with multi-task technologies

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Abstract:

In this paper it is shown that when employees have ex post bargaining power, the entrepreneur will try to avoid technologies that are based on a large number of complementary tasks. We demonstrate that the entrepreneur can shelter profit from the employees’ rent-seeking behaviour by raising debt. Moreover, the strategic use of debt financing can favour the adoption of technologies that rely on synergies. JEL Classification: G31, J30, L20

Dette stratégique en présence de technologies impliquant plusieurs tâches. Ce mémoire montre que quand les employés ont un pouvoir de négociation ex post, l'entrepreneur va tenter d'éviter les technologies qui sont basées sur un grand nombre de tâches complémentaires. On montre que l'entrepreneur peut protéger ses profits des activités de chasse aux rentes des employés en accroissant sa dette. De plus, l'utilisation stratégique du financement par la dette peut favoriser l'adoption de technologies qui dépendent de synergies.

Document Type: Research Article

DOI: http://dx.doi.org/10.1111/0008-4085.00014

Affiliations: Università di Siena

Publication date: February 1, 2000

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