Nguyen, Bonnie T.; Wait, Andrew - In: Journal of Institutional and Theoretical Economics (JITE) 171 (2015) 2, pp. 215-237
We explore the implications of altruism in family firms for the allocation of decision-making rights. Our results suggest that centralization occurs in a broader range of circumstances in family than in nonfamily firms, consistent with empirical evidence. We show that an agent might remain in a...