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Optimal Control of Managerial Investment Incentives: A Phase-Diagram Analysis of the Shareholder–Manager Horizon Conflict | ||
| Control and Optimization in Applied Mathematics | ||
| مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 24 تیر 1405 اصل مقاله (497.82 K) | ||
| نوع مقاله: Research Article | ||
| شناسه دیجیتال (DOI): 10.30473/coam.2026.76476.1366 | ||
| نویسندگان | ||
| Anıl Burcu Özyurt Serim* 1؛ Mustafa Akan2 | ||
| 1Department of Management Information Systems, Faculty of Business Administration, Halic University, Istanbul, Turkey | ||
| 2Department of Industrial Engineering, Faculty of Engineering, Boğaziçi University, Istanbul, Turkey | ||
| چکیده | ||
| This paper investigates the structural divergence in investment behavior that arises from the temporal misalignment between shareholders and managers within a principal-agent framework. We develop a continuous-time optimal control model in which the agent's contract horizon serves as the fundamental determinant of investment incentives, rather than information asymmetry or moral hazard. The analysis establishes that the gap between shareholder and managerial investment objectives is not incidental but structurally embedded in the finite nature of managerial tenure: even under perfect information and symmetric monitoring, managers systematically underinvest relative to the socially optimal level. Three contract scenarios are examined to characterize this dynamic fully. In the infinite-horizon case, the agent's objectives converge to those of the shareholder, yielding a benchmark steady-state equilibrium. In the fixed-horizon case, the approaching contract expiration date progressively erodes investment incentives, driving managerial effort toward zero at the terminal date. In the free-horizon case, where the agent endogenously determines the exit time, the same myopic pattern emerges through the transversality conditions governing the optimal stopping decision. Across all three scenarios, the analysis identifies the precise parametric conditions under which principal and agent objectives either align or persistently diverge. It demonstrates that long-term contracting is the necessary — though not always sufficient — mechanism for closing the structural investment gap. | ||
تازه های تحقیق | ||
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| کلیدواژهها | ||
| Agency theory؛ Principal–agent problem؛ Investment behavior؛ Corporate governance؛ Dynamic decision-making؛ Managerial incentives | ||
| مراجع | ||
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