We study profitable firms with no tax expenses. We find that the proportion of profitable firms that owe zero taxes (zero-tax firms) has increased substantially over the past 70 years, accounting for almost 15% of listed U.S. firms in recent years. Zero-tax firms thus represent a major group of...

Within the special environment of the ChiNext market, we study how an internationalization strategy affects the independent innovation of Chinese entrepreneurial companies from two dimensions: R&D input and patent output. An internationalization strategy has a significant incentive effect on R&D...

This paper is about firms as an instance of economic coordination, and about how we think about them in relation to other forms of coordination as well as in relation to competition and markets. The dominant frame for thinking about firms--which has strongly influenced contemporary competition...