As firms have more assets in place, more of management's limited attention is focused on managing assets in place rather than developing new growth options. Consequently, as firms grow older, they have fewer growth options and a lower ability to generate new growth options. This simple theory...

Using qualitative and quantitative methods, the paper draws on the categorization and stigmatization literatures to predict the amount of negative social evaluations received by firms, i.e. disapproval. Association with a stigmatized category does not automatically result in disapproval, because...

This paper investigates the "misallocation" implications of corporate internal financing. We introduce corporate risk management into a standard continuous-time heterogeneous agent model with incomplete markets. We show that the economy's ability to allocate resources through the price mechanism...

This paper uses a large cross-country survey of business firms to assess their influence on government policies. It is found that influence is associated with larger, government-owned firms that have a high degree of ownership concentration. In contrast, foreign ownership matters little. It is...

Advanced market economies are characterized by a continuous process of creative destruction. Market forces and technological developments play a major role in shaping this process, but institutional and policy settings also influence firms' decision to enter, to expand if successful and to exit...

Advanced market economies are characterized by a continuous process of creative destruction. Market forces and technological developments play a major role in shaping this process, but institutional and policy settings also influence firms' decision to enter, to expand if successful and to exit...

The present paper provides an overview of literature on the shift to services. It follows the three dimensions of structural change - final demand, the inter-industry division of labor and inter-industry productivity differences. It first looks at the ?classics?, however (Fisher (1935), Clark...