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Persistent link: https://www.econbiz.de/10013480887
We provide a rationale for pyramidal ownership (the control of a firm through a chain of ownership relations) that departs from the traditional argument that pyramids arise to separate cash flow from voting rights. With a pyramidal structure, a family uses a firm it already controls to set up a...
Persistent link: https://www.econbiz.de/10012467315
This paper explores the interaction between incentives, information, and organizational design. It argues that the virtues of the market economy do not lie so much in the vision of competition and decentralization embodied in the Arrow-Debreu model, or the Lange-Lerner-Taylor analysis of market...
Persistent link: https://www.econbiz.de/10012476069
of factors highlighted in the theory are shown to be important in accounting for delegation, such as heterogeneity and …
Persistent link: https://www.econbiz.de/10012459819
This paper reviews the recent theoretical literature on heterogeneous firms and trade, which emphasizes firm selection into international markets and reallocations of resources across firms. We discuss the empirical challenges that motivated this research and its relationship to traditional...
Persistent link: https://www.econbiz.de/10012462095
In this paper we study the determinants of business groups' ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how pyramids form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group...
Persistent link: https://www.econbiz.de/10012463666
This paper shows that the result of Ju and Krishna (2002, 2005), i.e., the non-monotonicity in the comparative statics across regimes, disappears, if exporters differ in their productivities, which provides very different predictions about the results of policy changes
Persistent link: https://www.econbiz.de/10012465706
-cycle patterns for firm growth. These theories include organizational capital accumulation and management practices, financial … empirical successes and shortcomings of current theory. First, models of organizational capital and innovation are broadly … organization and innovation. Second, among theories we analyze, organizational capital and management practices are the most …
Persistent link: https://www.econbiz.de/10012458044
How does increasing globalization affect corporate transparency? Freer trade represents different facets and in theory …
Persistent link: https://www.econbiz.de/10012461026
Persistent link: https://www.econbiz.de/10000937532