This paper offers new evidence on the relationship between contractual institutions, family management, and aggregate … decide between family and professional management when the latter are subject to contracting frictions. The paper tests the … environments are more likely to be family managed. These firms are on average 25 percent less productive than professionally …

"Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their … competitive position. Using data on firms in 27 transition economies, the authors test for the effects of globalization through …