Die Strukturen der Unternehmensfinanzierung und -kontrolle haben sich weltweit grundlegend verändert, gekennzeichnet durch neue Kapitalmarktinstrumente, verstärktes Auftreten von Nichtbank-Finanzintermediären sowie zunehmende Arbeitsteilung zwischen den Marktteilnehmern. Der vorliegende...

To explain organizational decisions in multistage production processes we assume a production process with one producer and two suppliers of which one is the firm's direct supplier and the other one is the supplier of the supplier. The firm decides only on the organizational form of her direct...

Smart contracts based on voluntary participation and optionality can be a low transaction cost solution to implement locational signals in distribution networks and thereby avoid network investment. This paper examines the efficiency properties of smart contracts. Based on a three-node example...

Europe is reorganizing its international value chain. I document these changes in Europe’s international organization of production with new survey data of Austrian and German firms investing in Eastern Europe. I show estimates of the share of intra-firm trade between Austria and Germany on...

This paper studies the impact of innovation on the organizational structure. The theoretical framework predicts that a larger parental pool of knowledge raises the probability of oshoring. This holds in a national as well as an international context. However, when the producer loses territorial...

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...

When should one pay for delivery of a good if there are no institutions? We suggest to break up the transaction into many small rounds of investment and payment. We show that the efficient investment can be implemented in an epsilon-subgame perfect equilibrium for any given epsilon if the invest...

Contractual frictions are widely known to shape firm boundaries. But do better contracting institutions, which reduce these frictions, induce firms to be more or less deeply integrated? This paper provides a large-scale investigation of this question using a unique micro dataset of ownership...

'Ordonomics' is a research program that has been developed at the Chair of Economic Ethics at Martin Luther University Halle-Wittenberg. It holds that business actors (persons and organizations) can employ morality as a 'factor of production', and that business ethics can be based on a specific...

This paper explores the use of a micro-economic model to analyse the provisions and parties of bioprospecting contracts. It focuses on the pharmaceutical industry as the representative biodiversity buyer, presenting an original theoretical framework that explains the main contract...