Firms grant to their employees non-tradable stock options as an incentive device. Is the opportunity cost of issuing these options equal to the amount the company would receive if it sold the same options to outside investors? No, it is not, since the options granted to employees are non...

The main issue is the organization of firms when different degrees of labor participation are taken into account. We start reviewing the literature on the LM firm. We then consider a less radical labor participation, i.e., the Aoki firm. We survey extensions of the Aoki's firm to the case of...

The main aim of the paper is to highlight the relation between flexibility and vertical integration. To this purpose, we go through the selection of the optimal degree of vertical disintegration of a flexible firm which operates in a dynamic uncertain environment. The enterprise we model enjoys...

From 1997 to 2001 we observe a faster growth in the number of Nonemployer businesses (mostly Partnerships) vis-…-vis Firms in the USA, a country with the mildest asymmetries between the two types of enterprise with respect to taxation, administrative entry barriers and other institutional...