environment under uncertainty. We develop the concept of ownership competence—the skill with which ownership is used as an … instrument to create value—and decompose it into matching competence (what to own), governance competence (how to own), and … timing competence (when to own). We describe how property rights of use, appropriation, and transfer relate to the three …

when assigned to homogeneous groups. Some stakeholder groups are likely to lack what we call “ownership competence,” even … imposes costs on owners. We suggest this problem is exacerbated with entrepreneurial managers who can devise new ways to …

How well do managers know the capabilities of the firms they manage? Such knowledge, which we refer to as managerial … choice in management research, assumes that managers perfectly know the capabilities of their firms. However, micro … this assumption is not in general warranted: Managers' meta-knowledge is in general imperfect. We therefore examine the …