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The seminal work by Grossman and Hart (1986) made the study of firm boundaries susceptible to formal economic analysis, and illuminated an important role for markets in providing incentives. In this essay, I discuss some new directions that the literature has taken since. As a central challenge,...
Persistent link: https://www.econbiz.de/10013104694
We study profitable firms with no tax expenses. We find that the proportion of profitable firms that owe zero taxes (zero-tax firms) has increased substantially over the past 70 years, accounting for almost 15% of listed U.S. firms in recent years. Zero-tax firms thus represent a major group of...
Persistent link: https://www.econbiz.de/10012838748
Profitability, as measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the cross-section of average returns. Profitable firms generate significantly higher average returns than unprofitable firms, despite having, on average, lower book-to-markets and...
Persistent link: https://www.econbiz.de/10013144171
Profitability, as measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the cross-section of average returns. Profitable firms generate significantly higher average returns than unprofitable firms, despite having, on average, lower book-to-markets and...
Persistent link: https://www.econbiz.de/10012462711
Entrepreneurship has been gaining increasing respect from the research community as a field of scholarly study as well as practical application worldwide as a means to achieve wealth creation and personal fulfillment. Yet, entrepreneurship, as a theoretical construct and practical phenomenon,...
Persistent link: https://www.econbiz.de/10014197997
This paper is about firms as an instance of economic coordination, and about how we think about them in relation to other forms of coordination as well as in relation to competition and markets. The dominant frame for thinking about firms--which has strongly influenced contemporary competition...
Persistent link: https://www.econbiz.de/10014078757
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increase in environmental pollution. Objectives: This study investigated the impact of energy production and trade openness on … Saudi Arabia's economic growth and environmental pollution using annual data from 1970 to 2020. Methods/Approach: The fully … models, including an economic growth model and an environmental Sustainability or pollution model. Results: The results of …
Persistent link: https://www.econbiz.de/10014527260