-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 …

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 … 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. …

In a study of the ownership of German corporations, we find a strong relation between board turnover and corporate … performance, little association between concentrations of ownership with managerial disciplining and only limited evidence that … pyramid structures can be used for control purposes. The static relation of ownership to control in Germany is therefore …