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This paper provides a theoretical model for explaining the separation of ownership and control in firms. An entrepreneur hires a worker, whose effort is necessary for running a project. The worker's effort determines the probability that the project will be completed on time, but the worker...
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removed from the original area of inquiry. We show that efficiency wage theory (EWT) helps explain differences in commercial …
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dynamic capabilities are deployed may affect their value. Drawing on agency theory, we propose that corporate governance …
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