Agency Costs in Environmental Not-For-Profits |
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Authors: | Hewitt Julie A Brown Daniel K |
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Institution: | 1. Department of Agricultural Economics and Economics, Montana State University, 306 Linfield Hall, Bozeman, MT, 59717-2920, U.S.A. 3. School of Law, University of Oregon, Eugene, OR, 97403-1284, U.S.A.
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Abstract: | We examine the behavior of not-for-profits using utility maximization. This leads to testable hypotheses regarding the costs of agency associated with the activities of not-for-profits. Our tests are similar to those previously employed regarding not-for-profit objectives, but our interpretation is different. Our empirical test uses data on environmental groups. Unlike previous studies biased toward a finding of service maximization, we account for endogenous explanatory variables. A weak statement of our results is that managers of environmental groups derive positive marginal utility from expenditures for purposes other than providing services. There may also be empirical support for a stronger conclusion. |
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