The relationship between the financial structure of a marketing cooperative (MC) and the requirement of the domination of control by the members is analysed from a transaction costs perspective. A MC receives less favorable terms on outside equity than a conventional firm because the decision...

We study annual general meetings of shareholders in the Netherlands. The Dutch corporate governance system is characterized by relatively concentrated shareholdings and large stakes owned by pension funds, banks and insurance companies. The legal protection of shareholders is poor due to...

Marketing co-operatives (MCs) are analysed from an incomplete contracting perspective. The requirement of the domination of control by the members of a MC is a threat to the survival of a MC in markets where the level of asset specificity at the processing stage of production is increasing....

The paper explores the impact of entrepreneurial management dimensions on post-MBO financial performance. We use Stevenson’s conceptualization of entrepreneurship (1983), empirically validated by Brown, Davidsson and Wiklund (2001), positing that entrepreneurial companies will be involved in...

Multivariate statistical analysis is utilized to explore the association between firm strategies, contributions made by venture capitalists and incentives for owners and employees and three exporting variables in a stratified random sample of 147 management buyouts and buyins. Firms focusing...

The present paper examines firm size effects on the decision of venture capital firms to participate in a venture capital investment syndication network. The authors submit that firm size effects in venture capital syndication are dependent on resource acquisition motives and transaction cost...

Co-operatives play a major role in the agricultural and food industry. Co-operatives, by the very nature, are producer-oriented firms. As market conditions for food products have changed in recent decades, the question is raised whether co-operatives are still efficient organisations for...

We use a sequential trade model to clarify two mechanisms following the introduction of an option that may lead to increased efficiency in the underlying. On the one hand, market makers learn from trades in the option market and set more accurate prices. On the other hand, the proportion of...

This paper examines the relation between cash-flow availability and investment spending in the Netherlands. In particular, we are interested whether managerial discretion and/or asymmetric information drive the positive relation between cash-flow and investment spending. This relation is...

Chinese entrepreneurs innovatively manage organisations in the absence of strong economic institutions, under conditions of high environmental and technological uncertainty. This paper presents the findings of an empirical study designed to investigate how Chinese entrepreneurs can be successful...