Using a survey of 800 Chief Executive Officers (CEOs) in 22 emerging economies, we show that CEOs' management styles and philosophies vary with the ownership and governance structure of their firms. Founders and CEOs of firms with greater family involvement display a greater stakeholder focus...

This paper enriches the celebrated Grossman-Hart-Moore (GHM) property-rights model with employment relationships. By combining the GHM view of the firm as a bundle of asset ownership with the Alchian and Demsetz (1972) view of the firm as a nexus of contracts, the model yields, in some cases,...

The property-rights approach to the theory of the firm is extended by introducing distorted signals of the parties.investments. Investment incentives are then given in two ways, by allocating ownership rights and by tying pay to the signal realization. Optimal incentive strength, that is, the...

This study compares the corporate performance in 1990/91 of two groups of public companies: those in which employees owned more than 5% of the company's stock, and all others. The results are not consistent with either highly positive or negative views of employee ownership. Where differences...

The last forty years have seen two major economic trends: Wages have stalled despite rising productivity, and institutional investors have replaced retail shareholders as the predominant owners of the American equity markets. A few powerful institutional investors—dubbed common owners—now...