Application of Grey Relational Analysis to Appraise Factors Affecting Managers' Efforts.

Under the sole proprietorship structure where no agency problems exists, the owner acting as the manager does not necessarily always work as hard as possible to maximize the firm's value as the classical economic theory assumed. Allowing for less data, small and not typically distributed sample and uncertainty, we appraise via grey relational analysis the factors affecting the extent of the managers' efforts to work for the firm when the firm is managed by the owner and the agent respectively, and have obtained credible and consistent results. [ABSTRACT FROM AUTHOR]