摘要:

Abstract.The notion that the separation of ownership from control may create a divergence of interests between managers and shareholders has led to a large number of studies which investigate the influence of ownership structures upon a firm's financial structure and its performance. The purpose of this paper is to review and critically evaluate the literature that empirically analyses the effects of ownership and control structures on both the financial structure and the performance of the firm. In addition, further consideration is given to the dynamic relationships between ownership, control, financing and firm performance.

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1994.tb00102.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Abstract.This survey examines the role ofwage indexationandexchange rate policyin dampening fluctuations in output around its target level. It is demonstrated that the appropriate choice for wage indexation and exchange rate flexibility is highly sensitive to the nature and the relative importance of the shocks impinging upon the economy, as well as to the relevant parameters in the economy. Moreover, the question of the desired flexibility of the exchange rate should be studied in the context of wage indexation, and vice versa. This interdependence raises the possibility of both policies being complements or substitutes to each other depending on the number of shocks that perturb the economy.

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1994.tb00103.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Abstract.Four topics are covered: the circumstances under which state‐owned enterprises (SOEs) are more effective than private firms; the different approaches to modelling public and private firms; the performance of SOEs; and strategies including privatization to limit their more damaging effects. It is argued that ideological or development motives are important in their genesis, but that if efficiency and innovation are key considerations the normative case for their existence is more doubtful. Various types of SOE model are identified, deriving from the variety of circumstances in which they operate, and the theoretical perspective of the modeller. These include the property rights school, the public choice tradition, neoclassical, behavioural and budget maximizing approaches. All models assume the existence of monitoring problems, created by informational asymmetry. The consequences can include high non‐pecuniary benefits for managers, a concentration on monitored activities, and lower innovation levels and efficiency than private firms. Curiously this is not necessarily reflected in higher prices or costs. Possible remedial strategies include a change of ownership, a change of objectives, the introduction of incentive‐compatible payment schemes, improved performance indicators and privatiz

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1994.tb00104.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1994.tb00105.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1994.tb00101.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY