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The Modern Firm, Corporate Governance and Investment
This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing a comprehensive overview of the theory of the firm before moving on to examine firms and the organization of their economic activities. The contributors also investigate the impact of ownership structure and board composition on firm performance and study how the institutional framework of an economy affects investment decisions.
More Information
Contributors
Contents
More Information
This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing a comprehensive overview of the theory of the firm before moving on to explore firms and the organization of their economic activities.
The contributors investigate the impact of ownership structure and board composition on firm performance, and examine how the institutional framework of an economy affects investment decisions. More specifically, detailed studies of topics including contracts, authority, competence blocs, institutional impacts and corporate governance mechanisms are presented.
This unique blend of financial economics and industrial organization perspectives on the corporate firm will prove a stimulating read for scholars and researchers of economics, business administration and law.
The contributors investigate the impact of ownership structure and board composition on firm performance, and examine how the institutional framework of an economy affects investment decisions. More specifically, detailed studies of topics including contracts, authority, competence blocs, institutional impacts and corporate governance mechanisms are presented.
This unique blend of financial economics and industrial organization perspectives on the corporate firm will prove a stimulating read for scholars and researchers of economics, business administration and law.
Contributors
Contributors: P.-O. Bjuggren, L. Bru, R. Crespí, S. Deakin, M. Dilling-Hansen, W. Drobetz, J.E. Eklund, Å. Eliasson, K. Foss, K. Gugler, S. Hirschvogl, C. Madelon, E.S. Madsen, D.C. Mueller, J. Palmberg, A. Singh, V. Smith, R.Ø. Strøm, S. Thomsen, D. Wiberg, O.E. Williamson
Contents
Contents:
Preface
1. Introduction: The Modern Firm, Corporate Governance and Investment
Per-Olof Bjuggren and Dennis C. Mueller
PART I: KEY ISSUES
2. Opening the Black Box of Firm and Market Organization: Antitrust
Oliver E. Williamson
3. The Corporation: An Economic Enigma
Dennis C. Mueller
PART II: THE THEORY OF THE FIRM FROM AN ORGANIZATIONAL PERSPECTIVE
4. A Contractual Perspective of the Firm with an Application to the Maritime Industry
Per-Olof Bjuggren and Johanna Palmberg
5. The Use of Managerial Authority in the Knowledge Economy
Kirsten Foss
6. Competence and Learning in the Experimentally Organized Economy
Gunnar Eliasson and Åsa Eliasson
PART III: INVESTMENTS AND THE LEGAL ENVIRONMENT
7. Corporate Governance and Investments in Scandinavia – Ownership Concentration and Dual-Class Equity Structure
Johan E. Eklund
8. The Cost of Legal Uncertainty: The Impact of Insecure Property Rights on Cost of Capital
Per-Olof Bjuggren and Johan E. Eklund
9. The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy
Simon Deakin and Ajit Singh
PART IV: THE BOARD, MANAGEMENT RELATIONS AND OWNERSHIP STRUCTURE
10. Institutional Ownership and Dividends
Daniel Wiberg
11. Contracting Around Ownership: Shareholder Agreements in France
Camille Madelon and Steen Thomsen
12. Board Governance of Family Firms and Business Groups with a Unique Regional Dataset
Lluís Bru and Rafel Crespí
13. Better Firm Performance with Employees on the Board?
R. Øystein Strøm
14. The Determinants of German Corporate Governance Ratings
Wolfgang Drobetz, Klaus Gugler and Simone Hirschvogl
15. Top Management, Education and Networking
Mogens Dilling-Hansen, Erik Strøjer Madsen and Valdemar Smith
Index
Preface
1. Introduction: The Modern Firm, Corporate Governance and Investment
Per-Olof Bjuggren and Dennis C. Mueller
PART I: KEY ISSUES
2. Opening the Black Box of Firm and Market Organization: Antitrust
Oliver E. Williamson
3. The Corporation: An Economic Enigma
Dennis C. Mueller
PART II: THE THEORY OF THE FIRM FROM AN ORGANIZATIONAL PERSPECTIVE
4. A Contractual Perspective of the Firm with an Application to the Maritime Industry
Per-Olof Bjuggren and Johanna Palmberg
5. The Use of Managerial Authority in the Knowledge Economy
Kirsten Foss
6. Competence and Learning in the Experimentally Organized Economy
Gunnar Eliasson and Åsa Eliasson
PART III: INVESTMENTS AND THE LEGAL ENVIRONMENT
7. Corporate Governance and Investments in Scandinavia – Ownership Concentration and Dual-Class Equity Structure
Johan E. Eklund
8. The Cost of Legal Uncertainty: The Impact of Insecure Property Rights on Cost of Capital
Per-Olof Bjuggren and Johan E. Eklund
9. The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy
Simon Deakin and Ajit Singh
PART IV: THE BOARD, MANAGEMENT RELATIONS AND OWNERSHIP STRUCTURE
10. Institutional Ownership and Dividends
Daniel Wiberg
11. Contracting Around Ownership: Shareholder Agreements in France
Camille Madelon and Steen Thomsen
12. Board Governance of Family Firms and Business Groups with a Unique Regional Dataset
Lluís Bru and Rafel Crespí
13. Better Firm Performance with Employees on the Board?
R. Øystein Strøm
14. The Determinants of German Corporate Governance Ratings
Wolfgang Drobetz, Klaus Gugler and Simone Hirschvogl
15. Top Management, Education and Networking
Mogens Dilling-Hansen, Erik Strøjer Madsen and Valdemar Smith
Index
