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The Political Economy of Bank- and Market Dominance

Perotti, Enrico; Thadden, Ernst Ludwig von - Tinbergen Institute - 2004

Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...

Persistent link: https://www.econbiz.de/10005795583

The Economic Value of Flexibility when there is Disagreement

Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Institute - 2003

We develop an economic theory of “flexibility”, which we interpret as the discretion or ability to make a decision that others disagree with. We show that flexibility is essentially an option for the decisionmaker, and can be valued as such. The value of the flexibility option is decreasing...

Persistent link: https://www.econbiz.de/10005137042

Ordering the Preference Hierarchies for Internal Finance, Bank Loans, Bond and Share Issues

Haan, Leo de; Hinloopen, Jeroen - Tinbergen Institute - 2002

, thereby distinguishing internal finance and three types of external finance: bank borrowing, bond issues and share issues …) internal finance, (ii) bank loans, (iii) share issues, (iv) bonds issues. …

Persistent link: https://www.econbiz.de/10005137064

Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms go Private?

Boot, Arnoud W.A.; Gopaian, Radhakrishnan; Thakor, Anjan V. - Tinbergen Institute - 2006

We analyze a publicly-traded firm's decision to stay public or go private when managerial autonomy from shareholder intervention affects the supply of productive inputs by management. We show that both the advantage and the disadvantage of public ownership relative to private ownership lie in...

Persistent link: https://www.econbiz.de/10005450778

Entrepreneurship and Economic Transition

Aidis, Ruta - Tinbergen Institute - 2003

address the issue of entrepreneurship in two distinct ways: a) as it has historically developed within the field of economics … and b) as it develops in the transitional context. In contrast to advanced western economies, productive entrepreneurship … entrepreneurship for transition countries. By means of a literature survey, we further present the main characteristics of …

Persistent link: https://www.econbiz.de/10005209447

The Entrepreneur's Mode of Entry: Business Takeover or New Venture Start?

Parker, Simon C.; Praag, C. Mirjam van - Tinbergen Institute - 2006

We analyse the decision to become an entrepreneur by either taking over an established business or starting a new venture from scratch. A model is developed which predicts how several individual- and firm-specific characteristics influence entrepreneurs' entry mode. The new venture creation mode...

Persistent link: https://www.econbiz.de/10005209489

Initial Capital Constraints hinder Entrepreneurial Venture Performance

Praag, Mirjam van; Wit, Gerrit de; Bosma, Niels - Tinbergen Institute - 2003

This article investigates empirically whether and to what extent initial capital constraints hinder entrepreneurial performance once the venture has been started. Prior empirical research in this area could investigate this issue only indirectly by lack of data. The key contribution of this...

Persistent link: https://www.econbiz.de/10005209500

Total Factor Productivity and the Role of Entrepreneurship

Erken, Hugo; Donselaar, Piet; Thurik, Roy - Tinbergen Institute

models based on the established literature. Traditionally, entrepreneurship is not dealt with in these models. In the present … paper it is shown that – when this variable is added - in all models there is a significant influence of entrepreneurship … while the remaining effects mainly stay the same. Entrepreneurship is measured as the business ownership rate (number of …

Persistent link: https://www.econbiz.de/10005016255

Firm Formation with Complementarities: The Role of the Entrepreneur

Roessler, Christian; Koellinger, Philipp - Tinbergen Institute - 2009

We model the emergence of organization forms in a game between prospective entrepreneurs. Complementary roles arise endogenously in a way that admits a stable assignment of workers to firms. This contrasts with existing work on job matching, where stability typically requires workers to be...

Persistent link: https://www.econbiz.de/10005016278

Does Entrepreneurship reduce Unemployment?

Audretsch, D.B.; Carree, M.A.; Thurik, A.R. - Tinbergen Institute - 2001

knowledge based entrepreneurial activity. Second, knowledge based entrepreneurship positively affects regional economic … particular, our results suggest that innovation efforts have an indirect effect on economic performance via entrepreneurship …

Persistent link: https://www.econbiz.de/10005144397