Boot, Arnoud W. A.; Gopalan, Radhakrishnan; Thakor, Anjan V. - 2003
management needs some elbow room or autonomy to optimally manage the firm. In public capital markets, the corporate governance … regime in place exposes the firm to exogenous controls, so that management may lack the autonomy it desires. By contrast …, private ownership can provide management the desired autonomy due to the possibility of precisely-calibrated private …