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Publications (17)
– Recent Innovative Developments
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...
WIDER Symposium on Adaptive Efficiency and Evolving Diversity of Enterprise Ownership and Governance
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
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
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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After more than a decade of economic decline and civil war, Uganda was able to return to economic growth thanks to the policies pursued by Museveni’s National Resistance Movement which elicited considerable donor support. They include macroeconomic reforms, public sector restructuring, privatisation...
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– Evidence for Italian Public Enterprises' Investment
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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– A Rent Seeking Model of China’s Township-Village Enterprises
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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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
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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This study tests the performance of microfinance institutions (MFIs) in Burkina Faso using indicators such as the sustainable interest rate and the subsidy dependence index. The results indicate that MFIs outreach performance remains very low compared with potential demand, and the factors...
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This paper investigates the correlates of household welfare in urban Ethiopia with an emphasis on the impact of education. We use household panel data collected between 1994 and 1997. Welfare is approximated by household income. Although non-educated households are found in all income quintiles...
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– A Comparison of the United States, Japan, and Other East Asian Economies
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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– Experience from ASIP in Zambia
Sector investment programmes have become a common tool in development assistance. However, their contribution to national growth of production and poverty reduction has been less investigated. The sector investments can be seen as a part of national fiscal policy, but, when run poorly, they can...
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Tanzania has during the past years made substantial progress in stabilising the economy. One of the major issues has been to cut down on government activities and there has been a remarkable contraction. Although tax reform has been an important component in Tanzania’s economic reform programme the...
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– Network Externalities and Mondragón and La Lega Co-Operative Networks
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 advantages and...
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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...
Displaying 16 of 17 results