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To assess the merits of the market for corporate control, this paper examines two processes which standard analysis does not study: the allocation of economic competence and the evolution of organizational structures. Economic competence is seen to be an unusual scarce resource embodied in the...
Persistent link: https://www.econbiz.de/10010684539
No abstract.
Persistent link: https://www.econbiz.de/10010684421
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No abstract.
Persistent link: https://www.econbiz.de/10010818474
Existing studies of entrepreneurship focus on entrepreneurs whose individual contribution to wealth creation is typically trivial: self-employed persons. This paper investigates entrepreneurs whose individual contribution to wealth creation is enormous: billionaires. We explore the relationship...
Persistent link: https://www.econbiz.de/10009399313
This paper reconsiders the predominant typology pioneered by Baumol (1990) between productive, unproductive and destructive entrepreneurship. Baumol’s classificatory scheme is built around a limited concept of first-best outcomes and therefore easily fails to appreciate the true impact of...
Persistent link: https://www.econbiz.de/10004969817
The constraint on informal finance is commonly taken to be high costs and limited supply. But the majority of informal investors – family and friends – is often willing to supply funds at negative returns, and yet many borrowers tap family and friends only as a last resort. We explain this...
Persistent link: https://www.econbiz.de/10010581013
Bounded rationality provides a fundamental economic explanation for non-rational modes of behavior. These non-rational modes underlie both the erratic perturbations of entrepreneurship and the systematic waves of diffusion they initiate which in turn guarantee that the economy operates out of...
Persistent link: https://www.econbiz.de/10011019055
that economies of scale associated with various knowledge inputs have made it possible for firms to grow large through … mobile carriers of industrial knowledge embodied in teams of humans. With barriers to trade and factor movements further … locus of the business organization to the markets where the most advanced industrial knowledge is being exhibited in …
Persistent link: https://www.econbiz.de/10011019068
The theory of the firm suggests that firms can respond to poor contract enforcement by vertically integrating their production process. The purpose of this paper is to examine whether firms' integration opportunities affect the way institutions determine international trade patterns. We find...
Persistent link: https://www.econbiz.de/10009251249