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Publications (15)

– Recent Innovative Developments
Laixiang Sun - Palgrave Macmillan, 2003 - Basingstoke, UK

Conventional wisdom recommends the superiority of private ownership of enterprises. The reality confronts it with a rich diversity in ownership and governance structures. This volume examines five types of unorthodox ownership and governance form emerging in the industrial sector across major...

Laixiang Sun - Journal of Comparative Economics, 2002 - Amsterdam, Netherlands

A property rights regime covers rights to use, lease, donate, bequest, and sell assets or collect the incomes generated by assets. A clear and transparent property rights regime facilitates investment and economic growth. While private property is considered by many to be the most superior type of...

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– The Economics of La Lega and Mondragón
Sumit Joshi, Stephen C. Smith - UNU-WIDER, 2002 - Helsinki, Finland

This paper develops a theory of endogenous league formation and considers its implications for policy in developing countries. We generalize from features of the two most prominent European co-op leagues, Mondragón and La Lega, to develop the first formal model of the endogenous formation of co-...

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– Evidence from East Asia
Stijn Claessens, Joseph P. H. Fan, Larry H. P. Lang - UNU-WIDER, 2002 - Helsinki, Finland

This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-6. We find that mature and slow-growing firms with ownership structures more likely to...

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– Evidence for Italian Public Enterprises' Investment
Elisabetta Bertero, Laura Rondi - UNU-WIDER, 2002 - Helsinki, Finland

This study examines the effect of the hardening of the budget constraint on the investment behaviour of Italian state owned enterprises (SOEs). It carries out a natural experiment that exploits the 1987 shift of budget regimes due to the pressure of European Union economic policies on the Italian...

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– The Case of Italian State-Owned Firms and the European Union
Elisabetta Bertero, Laura Rondi - UNU-WIDER, 2002 - Helsinki, Finland

This paper contributes to the literature on the role of decentralization in hardening the budget constraint of public enterprises. Following Qian and Roland the study adopts a ‘federalist’ approach. However, it interprets federalism as the upward devolution of domestic economic policies...

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– A Rent Seeking Model of China’s Township-Village Enterprises
Jiahua Che - UNU-WIDER, 2002 - Helsinki, Finland

I present a study of ownership of firms under government rent seeking. Using its control of regulated inputs, a government agency extracts rents from a manager who undertakes an investment. Such a government rent seeking activity leads to a typical hold-up problem. Government ownership is shown to...

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Masahiko Aoki, Hirokazu Takizawa - UNU-WIDER, 2002 - Helsinki, Finland

This paper analyzes the ‘Silicon Valley model’ as a novel economic institution in the domain of technological product system innovation such as computers. We focus on the information structural relationship as well as governance relationships between venture capitalists and a cluster of...

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– Global Perspectives
Stuart L. Gillan, Laura T. Starks - UNU-WIDER, 2002 - Helsinki, Finland

We examine the role of institutional investors in financial markets and in corporate governance. In many countries, institutional investors have become the predominant players in financial markets and their influence worldwide is growing, chiefly due to the privatization and development of pension...

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– A Comparison of the United States, Japan, and Other East Asian Economies
Stijn Claessens, Simeon Djankov, Joseph P. H. Fan, Larry H. P. Lang - UNU-WIDER, 2001 - Helsinki, Finland

We document that firms in eight East Asian countries and Japan diversify into more segments and engage into more related businesses―as measured by the degree of vertical relatedness and complementarity―than firms in the USA. Using data for the 1990-6 period, we observe a trend towards complementary...

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– Network Externalities and Mondragón and La Lega Co-Operative Networks
Stephen C. Smith - UNU-WIDER, 2001 - Helsinki, Finland

This paper examines strategies developed by Mondragón Co-operative Corporation in the Basque Region of Spain, and La Lega co-operative network in Italy, to mitigate disadvantages of the typical co-operative organizational structure and market position but without losing its critical...

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James C. Sesil, Douglas L. Kruse, Joseph R. Blasi - UNU-WIDER, 2001 - Helsinki, Finland

Increased equity participation by employees has attracted substantial interest for its potential to affect both economic outcomes (e.g., worker and firm performance) and social outcomes (e.g., wealth and income inequality). This paper summarizes the findings from over 50 large-sample empirical...

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Laixiang Sun - UNU-WIDER, 2001 - Helsinki, Finland

In the 1990s, a new ownership form called ‘joint-stock co-operative’ (gufen hezuozhi) became widely adopted in China’s township and village enterprise sector. The promising dynamics and high adaptive ability of the new ownership form is in contradiction with the ...

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– A comparative Analysis across Development Stages and Institutional and Technological Contexts
Laixiang Sun - UNU-WIDER, 2000 - Helsinki, Finland

This  paper  establishes  a  theoretical  framework  for  the  ongoing  research project of UNU/WIDBR on Property Rights Regimes, Microeconomic Incentives and Development. It identifies the major research interests, questions, and focuses. The...

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– An Extended Framework for Understanding Primitive Socialist Accumulation
Laixiang Sun - UNU-WIDER, 2000 - Helsinki, Finland

This paper re-examines the current debate on price scissors based on an extended framework, in which the production and trade of industrial consumer goods within the rural sector is incorporated. It confirms that in the economy considered by Preobrazhensky, consumer rationing, especially of...

Displaying 15 of 15 results.