For many years, business turnarounds have captured the attention of scholars and fascinated executives. Yet despite their centrality as a business phenomenon, little is known about the prevalence or trajectory of turnarounds. This paper provides evidence on a broad cross-section of publicly...

This paper's empirical results indicate that the average effect of antitakeover provisions on subsequent long-term investment is negative. The interpretation of these results depends on whether one thinks that there was too much, too little, or just the right amount of long-term investment prior...

This paper provides an organizational economics foundation to guide managers in matching the comparatively more efficient organizational mode with transactional characteristics such as: (1) the degree of (human capital) asset specificity involved in the transaction, (2) the degree of uncertainty...

Property rights theory has common antecedents with contractual theories of the firm such as transaction costs and agency theories, and is yet distinct from these theories. We illustrate fundamental theoretical principles derived from these three theories by analyzing the business case of oil...

Resource-based theory implicitly assumes that property rights to resources are secure. Extant property rights theory enables us to relax this assumption to take into account processes where there are struggles in establishing property rights that enhance the realized economic value of resources....

Penrose (1959) theoretically developed the research proposition that the finite capacities of a firm's internally experienced managers limit the rate at which the firm can grow in a given period of time. One empirical implication that follows logically from this line of reasoning is that a...

Unlike most other mature industries, family firms, partnerships, and cooperatives dominate the agricultural production sector, with few corporations and limited access to capital derived from a source other than retained earnings and existing owners. However, the use of external equity capital...

The adoption and diffusion of contract farming and vertical integration in modern agriculture has varied widely across regions, commodities, or farm types. This paper lays out a framework for understanding the evolution of organizational practices in U.S. agriculture by drawing on theories of...