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Ownership, Organization, and Private Firm's efficient use of resources

Abstract : The principal-agent theory asserts that public firms' performance is driven by efficient capital and labor markets but is silent about non-listed private companies, which are less permeable to market forces (both capital and labor) than are public companies. We propose and test a 2 x 2 framework distinguishing owner-controlled vs. agent-led firms from firms with a flat vs. multilayer organization. Our findings provide highly contrasted results and raise important issues for further study of private firms.
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Contributor : Antoine Haldemann <>
Submitted on : Sunday, May 20, 2012 - 3:23:39 PM
Last modification on : Thursday, January 11, 2018 - 6:19:32 AM

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Rodolphe Durand, Vicente Vargas. Ownership, Organization, and Private Firm's efficient use of resources. Strategic Management Journal, Wiley, 2003, vol. 23, n° 7, pp. 667-676. ⟨10.1002/smj.321⟩. ⟨hal-00699294⟩

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