The Importance of Firm Level Controls

Alicia: I think that personal dimension is something even traditional economics, etc. has been missing for decades. We would just assume that in a corporation, if we have the right incentives and control systems, we neutralize all individual differences," she says. Alicia: Can you talk a little bit more about why you came to that conclusion? "Because despite all firm level controls and all other factors, individuals, individual managerial styles matter"