In this work we analyse to what degree the efficiency of a State owned non-monopolistic enterprise improves as a result of the introduction of strategic reforms consisting of adopting ‘private-firm-like’ management practices, criteria, and governance structure; i.e.: corporatization,...

This paper explores the functions and limitations of democratic governance by analyzing the allocation of decision-making authority in colleges and universities. Contrary to the conventional perception that large numbers and heterogeneity of voters and issues undermine the efficiency of...

A cybernetic perspective is used to evaluate firms with or without stakeholder participation in their information and control architecture. This approach also provides a basis for evaluating firms with more than one board or control center as found in Japan, Europe, and labor-managed firms....

This paper examines the extent to which agency theory may explain CEO compensation in state-owned enterprises (SOEs) in China during the 1980s. We find that the sensitivity of CEO pay to firm performance decreases with the variance of performance. This is consistent with the prediction of a...

Around the turn of the century, China experienced perhaps the largest labor restructuring program in the world. This paper uses a new data set of Chinese industrial enterprises to examine what leads to downsizing, and tries to understand the effects of labor downsizing on firms' technical...

This paper examines the consequences of creating a fully competitive market in a sector previously dominated by a cost-minimising public firm. Workers in the economy are heterogeneous in their motivation to work in the sector. In line with empirical findings, our model implies that firms in the...

We examine whether impact investing is more effective in fostering business venture success and social impact when investments are directed toward ventures located in disadvantaged urban areas (that is, areas with high crime, unemployment, and poverty) compared to similar investments directed...

Regulations of product markets serve legitimate objectives but, when ill-designed, can impose unnecessary restrictions on competition, and therefore on business dynamism, productivity and ultimately well-being. A recent update of the OECD’s Product Market Regulation indicator for Costa Rica...

This paper presents the latest edition of the OECD indicators of product market regulation (PMR), which measure regulatory stance in 35 OECD and 11 non-OECD countries. This update is based on a new methodology, which has been implemented to ensure that the PMR indicators maintain their relevance...