search query: @author Vining, A.R. / total: 2
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| Author: | Vining, A.R. |
| Title: | Internal market failure: A framework for diagnosing firm inefficiency |
| Journal: | Journal of Management Studies
2003 : MAR, VOL. 40:2, p. 431-457 |
| Index terms: | Management Markets Companies Efficiency |
| Language: | eng |
| Abstract: | The theory of market and government failure can be used to diagnose inefficiency within firms and to identify strategies to deal with these problems. Internal market failures (IMFs), i.e. internal public good problems, internal information asymmetries or the presence of uncertainty, create inefficiencies within firms as they do in normal markets. As well, self-interested behaviour by executives and internal interest groups (rent-seeking) are analogous to government / governance failures (IGFs). Associated with many of these internal market failure problems are generic solutions that can usefully inform executives in their efforts to improve efficiency within the firm. In contrast, internal governance failures normally require action by shareholders and boards of directors. |
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