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"We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. Internal governance can mitigate agency problems and ensure that firms have substantial value, even with little or no external governance by...
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fundamental tradeoff in organizing such activities. On the one hand, since creativity cannot be achieved by command and control or …
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, and market opportunities. This know-how can be reallocated across countries as managers acquire control of factors of …
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