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Making Partner: How it Influences Business Risk Strategy and Execution Effort

Loss, Frédéric; Renucci, Antoine (2019), Making Partner: How it Influences Business Risk Strategy and Execution Effort, The Scandinavian Journal of Economics. 10.1111/sjoe.12390

Type
Article accepté pour publication ou publié
Date
2019
Journal name
The Scandinavian Journal of Economics
Publisher
Wiley
Publication identifier
10.1111/sjoe.12390
Metadata
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Author(s)
Loss, Frédéric
Laboratoire d'Economie de Dauphine [LEDa]
Renucci, Antoine cc
Abstract (EN)
Associates need reputation and financial resources to make partner at law firms, consultancies, or venture capital organizations. We provide a theory for how this prospect influences the business risk strategy they pursue and their execution effort. In our model, business risk affects how reputation evolves and the benchmark reputation for making partner through the impact of execution effort on the financial resources accumulated. We show that (i) when business risk is observable, high‐reputation associates take high business risk, rather than low business risk, to protect their reputation, (ii) opening partner positions decreases effort incentives of the best‐reputation associates, and we conjecture that (iii) wage dispersion at associate level should be higher when business risk is unobservable.
Subjects / Keywords
Career concerns; partnerships; reputation risk; business risk; D83; G30; L14; L26
JEL
L26 - Entrepreneurship
L14 - Transactional Relationships; Contracts and Reputation; Networks
G30 - General
D83 - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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