-run competitive pressure has a positive impact on performance. The paper also finds evidence that ownership matters. Traditional firms …

bargaining powers such that either ownership by the government or by the NGO can be optimal. …

-integration is less costly, but coordinates relatively poorly. Output price influences the choice of ownership structure: integration …-integration. For a generic set of demand functions, the result is heterogeneity of ownership and perfor- mance among ex-ante identical … techno- logical shocks: productivity changes in some firms may induce ownership changes in others. If the enterprise managers …

We reconsider the property rights approach to the theory of the firm based on incomplete contracts. We explore the … ownership can be optimal only if the degree of relationship-specificity is sufficiently small. If relationship-specificity can … positive level of relationship-specificity and they always agree on sole ownership by party A. …

joint ownership turns out to be robust. However, in contrast to the standard property rights model, it may well be optimal …In the property rights approach to the theory of the firm (Hart, 1995), parties bargain about whether or not to … to give ownership to a party whose investments are less productive, provided that this party's ex-post bargaining power …

results of Chiu (1998) and De Meza and Lockwood (1998), who show that the optimal ownership structure crucially depends on …

decisions. The price of output influences the ownership structure chosen: there is an inverted-U relation between the degree of … integration and product price. Ownership in turn affects output: integration is more productive than non-integration at low prices …, market equilibrium ownership choices will be second-best efficient. When managers have less than a full claim on profits …

ownership throughout the economy. …