Всего статей в данном разделе : 149
Опубликовано на портале: 11-11-2004Eugene F. Fama Journal of Political Economy. 1980. Vol. 88. No. 2. P. 288-307.
This paper attempts to explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization. We first set aside the presumption that a corporation has owners in any meaningful sense. The entrepreneur is also laid to rest, at least for the purposes of the large modern corporation. The two functions usually attributed to the entrepreneur--management and risk bearing--are treated as naturally separate factors within the set of contracts called a firm. The firm is disciplined by competition from other firms, which forces the evolution of devides for efficiently monitoring the performance of the entire team and of its individual members. Individual participants in the firm, and in particular its managers, face both the discipline and opportunities provided by the markets for their services, both within and outside the firm.
A Reprise of Size and R&D [статья]
Опубликовано на портале: 12-07-2007Wesley Marc Cohen, Steven Klepper Economic Journal. 1996. Vol. 106. No. 437. P. 925-951.
Numerous studies have shown that, within industries, the propensity to perform R&D and the amount of R&D conducted by performers are closely related to the size of the firm, while R&D productivity declines with firm size. These findings have been widely interpreted to indicate that there is no advantage to large firm size in conducting R&D. The authors show how a simple model based on the idea of R&D cost spreading can explain the prior findings about the R&D-firm size relationship, as well as additional features of the R&D-firm size relationship, implying an advantage to large size in R&D.
Опубликовано на портале: 12-12-2002John Greenlees Statistical Journal of the United Nations Economic Commission for Europe. 2000. Vol. 17. No. 1. P. 59-74.
This paper describes the major methods used by statistical agencies to adjust for differences in the quality of a good or service when one item replaces another in a sample used to construct a Consumer Price Index. The methods are categorized as either direct, including the production-cost and hedonic approaches, or indirect, such as linking or class-mean imputation. The paper also presents simplified example calculations showing how the methods are applied in practice.
Опубликовано на портале: 21-03-2005Larry E. Greiner
A small research company chooses too complicated and formalized an organization structure for its young age and limited size. It flounders in rigidity and bureaucracy for several years and is finally acquired by a larger company. My position in this article is that the future of an organization may be less determined by outside forces than it is by the organization's history. In stressing the force of history on an organization, I have drawn from the legacies of European psychologists (their thesis being that individual behavior is determined primarily by previous events and experiences, not by what lies ahead).
Family firms [статья]
Опубликовано на портале: 06-11-2008Mike Burkart, Fausto Panunzi, Andrei Shleifer Journal of Finance. 2003. Vol. 58. No. 5. P. 2167-2201 .
We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on what fraction of the company to float on the stock exchange. We assume that a professional is a better manager than the heir, and describe how the founder's decision is shaped by the legal environment. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European patterns of corporate governance as special cases, and generates additional empirical predictions consistent with cross-country evidence.
Firm Size and the Nature of Innovation within Industries: The Case of Process and Product R&D [статья]
Опубликовано на портале: 12-07-2007Wesley Marc Cohen, Steven Klepper Review of Economics and Statistics. 1996. Vol. 78. No. 2. P. 232-43.
The effect of firm size on the allocation of R&D effort between process and product innovation is examined. It is hypothesized that, relative to product innovations, process innovations are less saleable in disembodied form and spawn less growth. This implies that the returns to process R&D will depend more on the firm's output at the time it conducts its R&D than the returns to product R&D. Incorporating this distinction in a simple model, the authors derive and test predictions about how the fraction of R&D devoted to process innovation varies with firm size within industries.
How Does Ownership Structure Affect Firm Value? A Comparison Using Different Corporate Governance Systems [статья]
Опубликовано на портале: 19-04-2007Alberto Miguel, Julio Pindado, Chabela de la Torre SSRN Working Papers. 2003.
This paper studies how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm value. Our study gives rise to the following findings. First, ownership concentration and insider ownership levels are determined by several institutional features such as investor protection, development of capital markets, activity of the market for corporate control, and effectiveness of boards. Second, the relationship between ownership concentration and firm value is not directly affected by these institutional factors. Third, there is, however, a direct influence of corporate governance characteristics on the relationship between insider ownership and firm value.
Опубликовано на портале: 13-02-2007Edith Penrose The American Economic Review. 1955. Vol. 45. No. 2. P. 531-543.
There are two approaches to the question of the size of firms. the traditional approsch attempts to explain size in terms of the balance of advantages and disadvantages of being a particular size. Another approach emphasizes the process of growth and treats size as a more or less incidental result of a continuous on -going or "unfolding" process. The author wants here to suggest an alternative growth approach which, in common with the biological variant, insists that a predisposition to grow is inherent in the very nature firms, but which, in contrast, makes growth depend on human motivation.
Опубликовано на портале: 17-07-2007Boyan Jovanovic Econometrica. 1982. Vol. 50. No. 3. P. 649-670.
Recent evidence shows that within an industry, smaller firms grow faster and are more likely to fail than large firms. This paper provides a theory of selection with incomplete information that is consistent with these and other findings. Firms learn about their efficiency as they operate in the industry. The efficient grow and survive; the inefficient decline and fail. A perfect foresight equilibrium is proved by means of showing that it is a unique maximum to discounted net surplus. The maximization problem is not standard, and some mathematical results might be of independent interest.
Опубликовано на портале: 15-11-2004Nai-Fu Chen Journal of Finance. 1983. Vol. 38. No. 5. P. 1393-1414.
We estimate the parameters of Ross's Arbitrage Pricing Theory (APT). Using daily return data during the 1963-78 period, we compare the evidence on the APT and the Capital Asset Pricing Model (CAPM) as implemented by market indices and find that the APT performs well. The theory is further supported in that estimated expected returns depend on estimated factor loadings, and variables such as own variance and firm size do not contribute additional explanatory power to that of the factor loadings.
Опубликовано на портале: 19-04-2007Benjamin E. Hermalin, Michael Steven Weisbach Rochester Business-Financial Research and Policy Studies. 1991. No. 91-02.
This paper attempts to measure difference in firm performance caused by broad composition and ownership structure. These two variables are intended to measure the direct incentives and monitoring faced by top management. We also control for a number of otheк variables that are likely to be correlated with corporate performance. We do so to improve the precision of our estimates, as well as to eliminate much of the omitted-variable bias that has undoubtedly affected previous studies of board composition.
Опубликовано на портале: 11-11-2004Olav Sorenson, William P. Barnett Industrial and Corporate Change. 2002. Vol. 11. No. 2. P. 289-325.
We synthesize organization learning theory and organizational ecology to predict systematic patterns in the founding and growth of organizations over time. Our central argument is that competition triggers organizational learning, which in turn intensifies competition that again triggers an adaptive response. We model this self-exciting dynamic--sometimes referred to as the 'Red Queen' in general evolutionary theory--to explain organizational founding and growth rates among the thousands of retail banks that have operated in Illinois at any time from 1900--1993. We find strong evidence that Red Queen evolution led some organizations to grow quickly and to place strong competitive pressure on rivals. Red Queen evolution also helped establish barriers to entry. However, this same evolutionary process appears to make organizations more susceptible to 'competency traps', ultimately slowing their growth rates and inviting new market entry. Organizations confronted by a widely varying distribution of competitors grow more slowly and are more likely to face new entrants. Overall, the results suggest that processes of organizational creation and growth emerge from ecologies of learning organizations. More generally, we discuss the use of ecological theory and models to study the empirical consequences of organizational learning. Сopyright 2002, Oxford University Press.
The role of economics and industrial relations in the development of the field of personnel/human resource management (Роль экономики и производственных отношений в развитии управления персоналом/человеческими ресурсами) [статья]
Опубликовано на портале: 20-04-2003Bruce E. Kaufman Management Decisions. 2002. Vol. 40. No. 10. P. 962 - 979.
This paper surveys the contribution of economics and industrial relations (E/IR) to the development of the field of personnel/human resource management (P/HRM). A brief review of existing accounts of the evolution of the field reveals that they give little mention to the role of E/IR. A re-examination of the early years of P/HRM suggests, however, that this is a serious omission. It is demonstrated, for example, that E/IR was in fact the principal disciplinary base for research and teaching in P/HRM in US universities into the 1940s and that for the first two decades of the field's existence the most influential and authoritative academic-based writers came from the ranks of economists and economics-trained IR scholars. After describing the reasons for this close relationship, The centrifugal forces that caused a gradual split between E/IR and P/HRM are described. This split had roots in the 1920s, became increasingly visible in the 1950s and beyond, and by the late 1980s had reached a point where the two subject areas had little intellectual or organizational interaction. The paper ends with a brief review of recent developments that herald a modest rapprochement between E/IR and P/HRM.
Алгоритм ранжирования налогоплательщиков на основе общесистемных закономерностей асимметрии и неполного подавления побочных дисфункций структурирования информационной системы [статья]
Опубликовано на портале: 10-03-2011Экономические науки. 2010. Т. 72. № 11. С. 266-269.
Вероятностный критерий ранжирования объектов налогового контроля по числовой мере искажения ими отчетной документации и внесение в этот критерий эвристической априорной информации с использованием доверительных интервалов для отклонений между расчетными, полученными в рабочей нейросетевой модели (НСМ), и декларированными значениями моделируемого показателя, позволяют повысить достоверность процедуры ранжирования. Эта идея базируется на общесистемном законе асимметрии, а также на общесистемной закономерности неполного подавления дисфункций структурируемой информационной системы.Научно-информационный журнал «Экономические науки»
Анализ зависимости финансового состояния предприятия от степени благоприятствования предпринимательского климата [статья]
Опубликовано на портале: 23-12-2004О. Н. Сеелева Экономическая наука современной России. 2002. № 2. С. 177-178.
Успешность деятельности предприятия во многом определяется условиями внешней среды, в которой это предприятие функционирует. Анализ, проведенный на кафедре "Национальная экономика" СПбГТУ, на основе использования статистических данных по северо-западному федеральному округу подтверждает этот тезис. В качестве переметров внешней среды рассматривались субъективные и объективные факторы: региональные ресурсы и региональная политика. Данный анализ проволился в три этапа и результаты его позволяют сделать вывод о необходимости координации региональной политики, входящих в федеральный округ субъектов. От этой политики зависит уровень предпринимательского климата.