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Keywords: irreversible investment
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Journal Articles
The Accounting Review (2022) 97 (2): 349–371.
Published: 01 March 2022
..., discrete-time, neoclassical model with irreversible investment and the possibility of unfavorable demand events. We show that even when the principal is uninformed about changes in demand for the firm's output, there exists a performance measurement system that leads to goal congruent investment incentives...