L'objectif principal de cet article est de présenter les principales composantes du paradigme constitué par la théorie positive de l'agence. La première partie est centrée sur le passage du niveau individuel à l'organisation conçue comme un noeud de contrats. La deuxième partie porte sur...

Governments have begun to embrace public-private partnerships (P3s) as vehicles for providing public services. This paper considers the controversial question of when private financing of public projects is optimal. Private development can dominate public financing through more efficient...

We use new firm-level data to examine the effects of spinoffs and privatization on corporate performance in a rapidly emerging market economy. Unlike the existing literature, which analyzes spinoffs almost exclusively in advanced economies, we control for accompanying ownership changes and the...

I examine the connection between the discursive dilemma and corporate law. The discursive dilemma (or doctrinal paradox) is a distinctive social choice problem that was first identified by Kornhauser and Sager and later used as the basis for a theory of organizational personality by Pettit. I...

In the presence of positive transaction costs, institutions and the architecture of organizations take on fundamental importance. This paper measures costs of opening firms in the Brazilian garment industry. The measure of costs to start up a new business in the garment industry in Brazil shows...

We study how firm characteristics evolve from early business plan to initial public offering (IPO) to public company for 50 venture capital (VC) financed companies. We describe the financial performance, line of business, point(s) of differentiation, non-human capital assets, growth strategy,...

We study how firm characteristics evolve from early business plan to IPO to public company for 50 venture capital (VC) financed companies. We find that firm business lines remain remarkably stable while management turnover is substantial. Management turnover is positively related to the...