search query: @indexterm FIRM (THEORY OF) / total: 191
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| Author: | Karpoff, J. M. Rice, E. M. |
| Title: | Organizational form, share transferability, and firm performance. Evidence from the ANCSA Corporations |
| Journal: | Journal of Financial Economics
1989 : SEP, VOL. 24:1, p. 64-105 |
| Index terms: | COMPANY PERFORMANCE ORGANIZATIONAL STRUCTURE FINANCIAL PERFORMANCE MANAGEMENT TURNOVER FIRM (THEORY OF) |
| Language: | eng |
| Abstract: | The Alaska Native Claims Settlement Act of 1971 (ANCSA) established thirteen diffusely held profit-seeking corporations that were saddled with unusual organization restrictions, the most important of which is that stock cannot be traded. It is found that these firms are characterized by poor financial performance, a high incidence of control contests, and high turnover among managers. These findings are consistent with the theory of the firm. The results illustrate the importance of organizational form in accomplishing productive activities, and the importance of freely transferable shares for organizational efficiency. |
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