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| Author: | Meza, D. de Lockwood, B. |
| Title: | Spillovers, investment incentives and the property rights theory of the firm |
| Journal: | Journal of Industrial Economics
2004 : JUN, VOL. 52:2, p. 229-253 |
| Index terms: | Investment incentives Property rights |
| Freeterms: | Spillovers |
| Language: | eng |
| Abstract: | The property rights theory of the firm is examined when a manager's relationship-specific investment can be partially appropriated by the owner of an asset even if cooperation breaks down. The investments of non-owners may then be devalued, but are seldom wholly lost to the owner. With such spillovers, the outside-option principle can be incorporated into the Grossman-Hart-Moore framework without implying that ownership demotivates. |
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