Ex Post Inefficiencies in a Property Rights Theory of the Firm

Private information can lead to inefficient bargaining betweenmanagers. I develop a property rights theory of the firm toanalyze the optimal ownership structure that minimizes thisbargaining inefficiency. I first show that a change in the ownershipstructure that reduces the managers' aggregate disagreementpayoff increases the probability that they realize efficienttrades, but also increases the cost of disagreement and canlead them to trade "too often." I then show that joint ownershipis optimal if the managers' expected gains from trade are largeand that either integration or nonintegration is optimal ifthe expected gains from trade are small.     

中国房地产市场非有效性:理论与实证

本文以国外房地产市场非有效性的研究为经验背景,首先从理论上对房地产市场非有效性的形成机理做出探讨,继而基于中国房地产市场发展实践,对其房地产市场非有效性进行检验.认为:经过二十多年的发展,中国房地产市场仍然是一个非有效的市场,房地产价格对信息的反映程度很低,且房地产市场存在超额利润,表现在房地产价格与价值存在一定程度的背离.     

Firm Performance in the Face of Fear: How CEO Moods Affect Firm Performance

The authors use facial emotion recognition software to quantify CEO mood. Anger or disgust motivates a CEO to work harder to improve his or her situation; thus firm profitability improves in the subsequent quarter. Happy CEOs are less likely to work on hard or unpleasant tasks; thus profitability decreases in the subsequent quarter. In the short term, fear explains the firm's announcement period market performance. However, fear is transient and performance improvement is short term.     

企业理论之新解释:一个基于知识管理的模型

企业理论研究往往关注三个基本问题:"企业为什么存在、企业和市场的边界是什么";"为什么企业会有所不同,是什么原因导致了这种不同";以及这些理论如何被应用于企业以获得持久的竞争优势.本文力图在这三个方面作出理论探索:一是从知识管理的角度回答企业理论的几个基本问题;二是建立一个基于知识传输的模型,并基于这个模型提出了四个可以检验的命题;三是讨论该模型对战略管理实践的启示.     

企业同质性假设、异质性假设与企业性质

本文通过对企业同质性假设和异质性假设的进一步探讨,认为运用企业同质性假设的抽象方法可以合乎逻辑的解释企业的契约本质和企业契约的"规制或分配性",而企业异质性假设方法的运用可以理解企业的多样性和差异性,从而对企业契约的"生产性"做出令人信服的解释.企业契约理论和企业能力理论在事实上共同构成了一个有关企业性质认识的完整分析框架.     

Firm age: a survey

This survey paper synthesizes theory and evidence on processes of firm-level aging. We discuss why anthropomorphic analogies are not helpful for understanding firm aging, because of differences in population pyramid shapes (with around 50 % of firms exiting after just 3 years), no upper bound on firm ages, and no deterministic change in performance with firm age. We discuss the liabilities of newness, adolescence, and senescence and obsolescence, and define what we mean by the direct and indirect causal effects of age. Our causal model also helps clarify previous confusion about why controlling for size in regressions of firm age on survival can reverse the results (Simpson’s paradox and the ‘bad control’ problem). While aging processes can occur at many levels (employee-level, firm-level, cohort-level, etc.), we focus on the firm-level. We summarize empirical work on firm age and conclude that the most interesting age effects occur within the first 5–7 years, which underscores the importance of datasets that do not under-represent young firms.     

再论企业的性质和企业的权威

本文评述了相关文献对企业权威生成逻辑的理论解释.根据评述本文提出作为一种客观存在的普遍现象,企业具有诸多功能和属性,把生产功能当成解释企业权威生成的逻辑起点,我们不宜简单地认为它只是对市场的替代物,或只是以要素合同取代了产品合同,或只是人力资本与非人力资本的一个特殊合同,企业兼具投入合同和产出合同的性质,企业权威是连接在投入合同和产出合同之间的权力安排,它内生于各类缔约人在介入具体分工情景前就个体决策机制与集中决策机制的理性选择.本文建议将集中决策机制当成企业的根本属性.     

Firm survival: methods and evidence

This paper surveys the Industrial Organization literature on firm survival. We find that, in retrospect, the econometric specifications used in this area have progressively become more sophisticated, addressing issues such as discrete time, unobserved heterogeneity and competing risks. We also identify a number of firm- and industry-specific covariates that provide largely consistent results across samples, countries and periods. On the other hand, the evidence is less clear-cut with regard to ownership and spatial factors.

Trade and the Environment: The Role of Firm Heterogeneity

In this paper, we derive a new effect of trade liberalization on the quality of the environment. We show that in the presence of heterogeneous firms, the aggregate volume of emissions is influenced by a reallocation effect resulting from an increase in the relative size of more productive firms. The relative importance of this reallocation effect and the scale effect well‐known from the literature is affected by the emission intensity at the firm level. Domestic emissions decrease as a result of a unilateral tariff reduction if and only if firm‐specific emission intensity decreases strongly with increasing firm productivity. As a result of the induced change in foreign emissions, domestic pollution can increase even if domestic emissions decrease.     

企业的性质:管理学视角的研究

经济学关于企业性质的研究侧重于企业为什么存在的问题。然而,管理学更为关注的问题包括两方面:第一,企业为什么能够持续存在-由此形成了两种典型的观点:一是价值活动观;二是核心能力观。第二,企业为什么必须存在-现有理论观点主要包括:企业是价值创造的有机系统;企业是经济发展的基本单元;企业是社会运行的重要机构。     

Inside the Institution of Growthmanship: Reprising the Stagnation Hypothesis

Growthmanship — the once institutionalized legacy of the Keynesian revolution in the US — holds that rapid, sustained growth in GDP should be (and can be) the uppermost macroeconomic policy objective. Postulating the automaticity of market forces, the Chicago school’s ascendency in the early 1970s effectively marginalized growthmanship, while eliding stagnation and refocusing economics on vacuous, equilibrium-driven models. As a result, growthmanship was superseded by the institutionalization of wage stagnation as a macroeconomic policy objective. An institutionalist analysis of stagnation posits conditional and contingent conjunctures and denies the determinism underlying the conceptualization of permanent tendencies. I hypothesize the emergence of a social structure of redistribution based on the institutionalization of wage stagnation. Wage stagnation is a condition arising from the pursuit of neoliberal macroeconomic policies that are antithetical to full employment and wage growth.     

后凯恩斯主义的企业理论

后凯恩斯主义者认为在典型的两权分离的现代企业制度条件下,企业的目标是多元化的。但企业所有者和经理人的目标函数存在根本差别,所有者更偏好于企业利润目标,而经理人更偏好于企业增长目标。后凯恩斯主义者还区分了经理人资本主义化的企业和金融演化下的股东控制型企业两种模式。     

The Contested Sovereignty of the Firm

This paper suggests that the firm can be analysed as a regulated system of contested sovereignty. The economic literature on the firm is categorised in terms of four different perspectives on sovereignty identified using the twin factors of power and authority. But rather than any single perspective being identified as analytically superior, it is argued that a system of contested sovereignty should be based on all four perspectives. Following this, a Polanyi-inspired analysis of firm regulation is presented in which the regulation of the firm emerges to control the costs of free markets. However, this regulation depicts firm sovereignty as complex and contested rather than simply an optimal response to market failures.     

An Austrian Theory of the Firm

The modern Theory of the Firm uses the concept of rent and makes implicit assumptions about equilibrium. An Austrian (Market Process) Theory of the Firm should have something to say about each of these. Two strategic perspectives are analyzed, the neoclassical microeconomic perspective (using the Ricardo-Marshall approach to rent) and the Market Process perspective (using the Fetter approach to rent). In a neoclassical world, rents indicate unsolved or unexploited inefficiencies as every hypothetical outcome is viewed against the standard of perfect competition. By contrast, in the Market Process world there is no single ideal standard by which to measure any particular outcome. All action takes place in an open ended universe in which the future is continually being created, in which competition is a discovery process.