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Management Controls, Expectations, Common Knowledge and Culture

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Author Info

  • Shyam Sunder

    ()
    (Yale University, School of Management)

Abstract

Control in organizations can be defined as expectational equilibrium, or correspondence between how the members of an organization behave and how others expect them to behave. Using a contract model of organizations as the base, we use human expectations, common knowledge, and culture to propose a theory of control. Changes in factor and product market conditions tend to disrupt control in organizations. Strategic management consists of continual monitoring and anticipation of market conditions, and redesign, negotiation, and implementation of contracts to restore and maintain the expectational equilibrium.

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Bibliographic Info

Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm337.

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Date of creation: 18 Feb 2003
Date of revision:
Handle: RePEc:ysm:somwrk:ysm337

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Web page: http://icf.som.yale.edu/
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Related research

Keywords: Management Control; Expectations; Common Knowledge; Culture; Organization;

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Cited by:
  1. Chisari, Omar O. & Ferro, Gustavo, 2009. "Gobierno Corporativo: los problemas, estado actual de la discusiĆ³n y un ejercicio de mediciĆ³n para Argentina
    [Corporate Governance: the problems, the current stage of the discussion and a measure
    ," MPRA Paper 15630, University Library of Munich, Germany.

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