Advances in artificial intelligence and data analytics have notably expanded employers' monitoring and surveillance capabilities, facilitating the accurate observability of work effort. There is an ongoing debate among academics and policymakers about the productivity and broader welfare...

Proponents of minority shareholder protection state that national legal institutions protecting small investors boost stock markets and, in turn, long-term countries' performance. In this paper, we empirically challenge this argument. We perform three-stage least-square estimation on a sample of...

The traditional economics of innovation, inspired by Schumpeter and more recent advances on his work, seem unable to explain why firms with similar external conditions may show greatly different performance in innovation. Contrastingly, the literature on corporate governance provides some useful...

The paper explores the question whether the relationship between corporate governance and innovation is affected by the extent to which the firm is exposed to agency problems and asset specificity issues. In particular, we argue that different combinations of asset specificity and agency costs...

If democracy is undoubtedly good for political organizations, why it shouldn’t be attractive alsofor economic organizations? Most economists have never taken this question seriously. This is a hard question to answer, indeed. Yet, contrary to the common presumption that the capitalistic mode...