The paper tests a quot;bifurcationquot; hypothesis that in much of Europe a relatively small number of firms have moved into a new institutional context, or quot;rules of the game,quot; that are largely common, international institutions and practices, while the large majority of firms continue...

Why do some countries suffer from backward financial institutions and weak corporate governance rules? We show that, even if, overall, the economy would benefit corporate governance reforms, not all the agents would stand to gain from the improvement. In particular, entrepreneurs and firms that...

This paper was inspired by the Coase (1937) theory of the firm. The purpose of this paper is to show the applicability of data envelopment analysis (DEA) in arriving at an unbiased account of relative performance of a set of companies, using the pharmaceutical industry as an example. A DEA based...

We develop and test hypotheses derived from a multi-level theoretical framework for understanding factors shaping the credit risk and capital structure of a quintessentially Asian form of investment known as project finance. It differs from other corporate financing approaches. A project company...

To fully understand governance and authority in the large corporation, one must attend to politics. Because basic dimensions of corporate organization can affect the interests of voters, because powerful concentrated interest groups seek particular outcomes that deeply affect large corporations,...

Nigeria was incorporated in 1914 when Frederick Lugard (First Governor General) amalgamated the two British protectorates of Northern and Southern Nigeria and the Crown Colony of Lagos into a single entity. The primary reason for amalgamation was economic rather then political. It is therefore,...