This paper studies the effect of individual uncertainty on collective decision-making to implement innovation. We show how individual uncertainty creates a bias for the status quo even under irreversible voting decisions, in contrast with Fernandez and Rodrik (1991). Blocking innovation is...

A simple algebraic model of a property structure leading to the Leontief's input-output scheme is developed and used to eliminate indirect ownership relations and evaluate the fmal distribution of national property among individual owners. Concepts of "family capitalism" and "capitalism of...

This paper examines a combined set of corporate governance features that influence disclosure quality in a context of ownership concentration. Agency theory presents a theoretical framework linking disclosure decision to corporate governance mechanisms. Using a Multiple Correspondence Analysis...

If firms compete in all-pay auctions with complete information, silent shareholdings introduce asymmetric externalities into the allpay auction framework. If the strongest firm owns a large share in the second strongest firm, this may make the strongest firm abstain from bidding. As a...

(VF)L’objectif de cette recherche est d’examiner la relation entre la taille de l’auditeur externe et le montant des honoraires d’audit. Le choix de l’auditeur est, quant à lui, expliqué par les caractéristiques de gouvernance et de propriété de la firme. Sur la base d’un...

We analyze productivity spillovers of FDI on domestic companies, both within and across industries. In the identification of intraindustry spillovers, we separate out labor market effects from other effects. Interindustry spillovers are identified through upstream, downstream, and...

This paper faces two questions concerning Joint Ventures (JV) agreements. First, we study how the partners contribution affect the creation and the profit sharing of a JV when partners’ effort is not obervable. Then, we see whether such agreements are easier to enforce when the decision on JV...

This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership struc‑ tures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our...

We study the evolution of patenting in China from 1985-2019. We use a Large Language Model to measure patent importance based on patent abstracts and classify patent ownership using a comprehensive business registry. We highlight four insights. First, average patent importance declined from...

Firm performance is one aspect of measuring a company's level of success. This study aims to test whether there is an influence of foreign ownership and preference of company websites on firm performance as a proxy for ROA and ROE in companies in Indonesia. The population of this study was all...