Ohkawa, Takao; Shinkai, Tetsuya; Okamura, Makoto; … - School of Economics, Kwansei Gakuin University - 2012
We address the following question: Why do most large firms select limited liability as their business organizational … established. (1) Even if an unlimited liability firm is viable, all firms become limited liability entities in equilibrium. (2 …) The equilibrium industry configuration, where all firms become limited liability entities, achieves efficiency in the …