Established firms often fail to maintain leadership following disrup tive market shifts. We argue that such firms are more prone to internal resistance. A radical adjustment of assets affects the distribution of employee rents, creating winners and losers. Losers resist large changes when strong...

The case of China seems to present a counterexample to the literature on economic institutions as its private enterprises have achieved spectacular growth despite poor protection of private properties and difficulties in accessing external finance. In this study, we address this apparent puzzle...

This paper identifies and assesses the efficiency of major modes for risk governance in dairy farms in Bulgaria. Firstly, the New Institutional and Transaction Costs Economics is incorporated and a framework for analysis of the governance of natural, market, private, and social (institutional)...

The legal profession is one of the most disrupted sectors of the consulting industry today. The rise of Legal Tech, artificial intelligence, big data, machine learning, and, most importantly, blockchain technology is changing the practice of law. The sharing economy and platform companies...

Recent corporate governance initiatives encourage a culture of long-term value creation and growth but cannot work as intended by policymakers. The current discussion about corporate governance ignores the transition from a centralized to a decentralized, unmediated, and interconnected world and...

This paper incorporates the interdisciplinary New Institutional Economics in a comprehensive framework for analyzing risk management in the agri-food sector. First, it specifies the diverse types of agri-food risks (natural, technical, behavioral, economic, policy, etc.) and the modes of their...

We introduce a new model of the theory of the firm and analyze the distance between two parties, only one of whom has the ability to invent a profitable idea. Although idea sharing between the parties is efficient, the inventor might have an incentive to hide the idea to monopolize its value. We...

Modern understanding of the corporation as an integrated system driven by a common goal of profit maximization has brought both economic theory and management practices to a deadlock. Incorrect understanding of the modern corporation's core, as well as inability to adequately assess them, became...

Purpose – The key question addressed in the paper is whether creativity fostering methods increase innovation output in Croatian firms.Design/methodology/approach – By utilizing the Community Innovation Survey 2010 data and propensity score matching methods, we estimate the average treatment...