In this paper, we enhance the production games approach introduced by Hiller (Manag Decis Econ 40(5):520–525, 2019) with aspects from a recent article by Morelli and Park (Games Econ Behav 96(1):90–96, 2016), to analyze how abilities of employees influence the structure and the wage scheme...

The paper deals with development of a general theory of the firm. It discusses the demand for such a theory, reviews existing approaches to its generalization, and offers a new variant of general theory of the firm based on the contract theory. The theory is based on minimization of...

One of the main decisions facing firms is that of a choice of a capital structure, and in particular the choice of debt versus equity. Models where capital structure matters have focused either on the incentive approach, where agency problems stemming from the separation between ownership and...