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Spillovers, investment incentives and the property rights theory of the firm

de Meza, David and Lockwood, Ben (2004) Spillovers, investment incentives and the property rights theory of the firm. Journal of Industrial Economics, 52 (2). pp. 229-253. ISSN 0022-1821

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Abstract

This paper examines the property rights theory of the firm 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. Enriched predictions on the determinants of integration emerge.

Item Type: Article
Official URL: http://www.blackwellpublishing.com/journal.asp?ref...
Additional Information: © 2004 Blackwell Publishing
Library of Congress subject classification: H Social Sciences > HG Finance
Sets: Departments > Management
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 06 Oct 2008 15:53
URL: http://eprints.lse.ac.uk/16181/

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