Organization capital, tournament incentives and firm performance

Sabri Boubaker, Mostafa Monzur Hasan, Ahsan Habib

Research output: Contribution to journalArticlepeer-review


This paper examines the relationship between organization capital and promotion-based tournament incentives. Using a sample of 33,618 publicly listed U.S. firm-year observations covering 1992–2020, the results show that firms with high levels of organization capital have relatively more promotion-based tournament incentives, and that tournament incentives in high organization capital firms improve firm value and operating performance.
Original languageEnglish
Article number102468
JournalFinance Research Letters
Early online date20 Sep 2021
Publication statusE-pub ahead of print - 20 Sep 2021


  • Agency costs
  • CEO compensation
  • Organizational capital
  • Tournament incentives


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