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Power in a Theory of the Firm
Open accessAbstract
Transactions take place in the rm rather than in the market because the rm o ers agents who make speci c investments power. Past literature emphasizes the allocation of ownership as the primary mechanism by which the rm does this. Within the contractibility assumptions of this literature, we identify a potentially superior mechanism, the regulation of access to critical resources. Access can be better than ownership because: i) the power agents get from access is more contingent on them making the right investment; ii) ownership has adverse e ects on the incentive to specialize. The theory explains the importance of internal organization and third party ownership. A preliminary version of this paper circulated with the title \\Implicit Property Rights in a Theory of the
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Cites
Coase, R. H. (1937) · Economica · doi:10.1111/j.1468-0335.1937.tb00002.x · Cited by 23,972
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Metadata
- Authors
- Rajan, R. G., & Zingales, L.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1998-05-01
- Volume
- 113
- Issue
- 2
- Pages
- 387-432
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2891290756
- Cited by
- 1,123
- References
- 1
- FWCI
- 42.89
- Type
- journal article
- Language
- en
- Open access
- green
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