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Performance and Behaviour of Family Firms: Evidence from the French Stock Market
Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2004
We look at the corporate performance of family firms listed on the French stock exchange between 1994 and 2000. On the French stock market, approximately one third of the firms are widely held, another third are founder controlled and the remaining third are heir-controlled family firms. We find...
Persistent link: https://www.econbiz.de/10005124284
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Key leaders in social networks
Zhou, Junjie; Chen, Ying-Ju - In: Journal of Economic Theory 157 (2015) C, pp. 212-235
This paper examines optimal targeting and sequencing strategies in the setup proposed by Ballester et al. [3]. The setup features payoff externalities and strategic complementarity among players, who non-cooperatively determine their contributions. We first analyze a two-stage game in which...
Persistent link: https://www.econbiz.de/10011263600
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State ownership and control in the Czech Republic
Kočenda, Evžen; Hanousek, Jan - In: Economic Change and Restructuring 45 (2012) 3, pp. 157-191
We analyze the extent of the integrated control of the state over privatized firms during the post-privatization decade … (1995–2005) in the Czech Republic. During this period the integrated control potential of the state resembled a corporate … pyramid. While pyramidal control was not fully utilized, the golden share in the hands of the state substantially enhanced its …
Persistent link: https://www.econbiz.de/10010988807
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Managerial Delegation and Merger Incentives with Asymmetric Costs
Straume, Odd Rune - In: Journal of Institutional and Theoretical Economics (JITE) 162 (2006) 3, pp. 450-469
We analyse how the internal organisation of firms affects the correspondence between private and social incentives for horizontal merger. Applying a model of endogenous merger formation in a three-firm asymmetric Cournot industry, we contrast the cases of entrepreneurial and managerial firms....
Persistent link: https://www.econbiz.de/10005823375
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Is Cost-of-Service Regulation Worth the Cost?
Brennan, Timothy - In: International Journal of the Economics of Business 3 (1996) 1, pp. 25-42
Cost-of-service regulation that reduces prices will also reduce incentives to control cost. Increased output …
Persistent link: https://www.econbiz.de/10009213456
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The Effect of Uncertainty on Investment: Evidence from Texas Oil Drilling
Kellogg, Ryan - National Bureau of Economic Research (NBER) - 2010
Despite widespread application of real options theory in the literature, the extent to which firms actually delay irreversible investments following an increase in the uncertainty of their environment is not empirically well-known. This paper estimates firms' responsiveness to changes in...
Persistent link: https://www.econbiz.de/10008727845
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Individual firm and market dynamics of CSR activities
Wirl, Franz; Feichtinger, Gustav; Kort, Peter M. - In: Journal of Economic Behavior & Organization 86 (2013) C, pp. 169-182
This paper investigates how firms should plan corporate social responsibility (short CSR). This dynamic analysis starts with a firm's intertemporal optimization problem, and proceeds to analyze interactions with other firms, which are crucial: if CSR is profitable for firm A then it is most...
Persistent link: https://www.econbiz.de/10010688112
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A Trapped-Factors Model of Innovation
Bloom, Nicholas; Romer, Paul M.; Terry, Stephen J.; … - In: American Economic Review 103 (2013) 3, pp. 208-13
We explain a counterintuitive empirical finding: Firms facing more import competition do more innovation. In our model, factors are trapped inside a firm. An increase in import competition encourages a firm to innovate by reducing the opportunity cost of inputs. Without trapped factors, trade...
Persistent link: https://www.econbiz.de/10010659365
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Economic Perspectives on Corporate Social Responsibility
Kitzmueller, Markus; Shimshack, Jay - In: Journal of Economic Literature 50 (2012) 1, pp. 51-84
This paper synthesizes the expanding corporate social responsibility (CSR) literature. We define CSR from an economic perspective and develop a CSR taxonomy that connects disparate approaches to the subject. We explore whether CSR should exist and investigate conditions when CSR may produce...
Persistent link: https://www.econbiz.de/10010815454
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Effect of piracy on innovation in the presence of network externalities
Banerjee, Dyuti - In: Economic Modelling 33 (2013) C, pp. 526-532
This paper analyzes the impact of simultaneous increases in piracy (piracy effect) and network externalities (network effect) on R&D investment. A single firm's R&D investment increases (or decreases) if the network effect (or piracy effect) is dominant. With R&D competition, if the firms...
Persistent link: https://www.econbiz.de/10011048826