Asset ownership and incentives in early shareholder capitalism: Liverpool shipping in the eighteenth century We are deeply indebted to historians Nick Radburn and especially Stephen Behrendt for extensive discussions of eighteenth-century transatlantic trade. Tasfia Chowdhury, Mandy Epprecht, and Florenta Teodoridis provided able research assistance. We also benefited from conversations with Pierre Azoulay, Ken Corts, Bob Gibbons, Avi Goldfarb, Mara Lederman, Joseph Mahoney, Evan Rawley, Mike Ryall, and Scott Stern, and seminar audiences at the College of William & Mary, Columbia University, Drexel University, Erasmus University, ESMT, ESSEC, HEC Paris, INSEAD, London Business School, Massachusetts Institute of Technology, New York University, Ohio State University, Universitè de Paris, UC-Berkeley, University of Michigan, University of Southern California, and University of Toronto
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Hart, Oliver & Moore, John, 1990.
"Property Rights and the Nature of the Firm,"
Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-1158, December.
- Oliver Hart & John Moore, 1988. "Property Rights and the Nature of the Firm," Working papers 495, Massachusetts Institute of Technology (MIT), Department of Economics.
- Hart, Oliver D. & Moore, John, 1990. "Property Rights and the Nature of the Firm," Scholarly Articles 3448675, Harvard University Department of Economics.
- Daniel A. Ackerberg & Maristella Botticini, 2002.
"Endogenous Matching and the Empirical Determinants of Contract Form,"
Journal of Political Economy, University of Chicago Press, vol. 110(3), pages 564-591, June.
- Ackerberg, D.A. & Botticini, M., 1999. "Endogenous Matching and the Empirical Determinants of Contract Form," Papers 96, Boston University - Department of Economics.
- Daniel A. Ackerberg & Maristella Botticini, 1999. "Endogenous Matching and the Empirical Determinants of Contract Form," Papers 0096, Boston University - Industry Studies Programme.
- Daniel A. Ackerberg & Maristella Botticini, 1999. "Endogenous Matching and the Empirical Determinants of Contract Form," Boston University - Institute for Economic Development 92, Boston University, Institute for Economic Development.
- Williamson, Jeffrey G., 1984. "Why Was British Growth So Slow During the Industrial Revolution?," The Journal of Economic History, Cambridge University Press, vol. 44(3), pages 687-712, September.
- Canice Prendergast, 1999. "The Provision of Incentives in Firms," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 7-63, March.
- Joskow, Paul L, 1985.
"Vertical Integration and Long-term Contracts: The Case of Coal-burning Electric Generating Plants,"
The Journal of Law, Economics, and Organization, Oxford University Press, vol. 1(1), pages 33-80, Spring.
- Paul Joskow, 1984. "Vertical Integration and Long Term Contracts: The Case of Coal Burning Electric Generating Plants," Working papers 361, Massachusetts Institute of Technology (MIT), Department of Economics.
- Susan Feng Lu, 2012. "Multitasking, Information Disclosure, and Product Quality: Evidence from Nursing Homes," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 21(3), pages 673-705, September.
- repec:bla:jindec:v:46:y:1998:i:2:p:125-56 is not listed on IDEAS
- Fuhai Hong & Tanjim Hossain & John A. List & Migiwa Tanaka, 2018.
"Testing The Theory Of Multitasking: Evidence From A Natural Field Experiment In Chinese Factories,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 59(2), pages 511-536, May.
- Fuhai Hong & Tanjim Hossain & John A. List & Migiwa Tanaka, 2013. "Testing the Theory of Multitasking: Evidence from a Natural Field Experiment in Chinese Factories," CESifo Working Paper Series 4522, CESifo.
- Fuhai Hong & Tanjim Hossain & John List & Migiwa Tanaka, 2013. "Testing the Theory of Multitasking: Evidence from a Natural Field Experiment in Chinese Factories," Natural Field Experiments 00388, The Field Experiments Website.
- Fuhai Hong & Tanjim Hossain & John List & Migiwa Tanaka, 2017. "Testing the Theory of Multitasking: Evidence from a Natural Field Experiment in Chinese Factories," Natural Field Experiments 00609, The Field Experiments Website.
- Fuhai Hong & Tanjim Hossain & John A. List & Migiwa Tanaka, 2013. "Testing the Theory of Multitasking: Evidence from a Natural Field Experiment in Chinese Factories," NBER Working Papers 19660, National Bureau of Economic Research, Inc.
- Philippe Aghion & Jean Tirole, 1994.
"The Management of Innovation,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(4), pages 1185-1209.
- Aghion, P. & Tirole, J., 1993. "On the Management of Innovation," Working papers 93-12, Massachusetts Institute of Technology (MIT), Department of Economics.
- Aghion, Philippe & Tirole, Jean, 1994. "On the Management of Innovation," IDEI Working Papers 36, Institut d'Économie Industrielle (IDEI), Toulouse.
- Grossman, Sanford J & Hart, Oliver D, 1986.
"The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration,"
Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
- Oliver Hart & Sanford Grossman, 1985. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Working papers 372, Massachusetts Institute of Technology (MIT), Department of Economics.
- Grossman, Sanford J & Hart, Oliver, 1985. "The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration," CEPR Discussion Papers 70, C.E.P.R. Discussion Papers.
- Grossman, Sanford J. & Hart, Oliver D., 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Scholarly Articles 3450060, Harvard University Department of Economics.
- Holmstrom, Bengt & Milgrom, Paul, 1994. "The Firm as an Incentive System," American Economic Review, American Economic Association, vol. 84(4), pages 972-991, September.
- Kirsten Foss & Nicolai J. Foss, 2005. "Resources and transaction costs: how property rights economics furthers the resource‐based view," Strategic Management Journal, Wiley Blackwell, vol. 26(6), pages 541-553, June.
- Holmstrom, Bengt & Milgrom, Paul, 1991. "Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 7(0), pages 24-52, Special I.
- Ai, Chunrong & Norton, Edward C., 2003. "Interaction terms in logit and probit models," Economics Letters, Elsevier, vol. 80(1), pages 123-129, July.
- Jack A. Nickerson & Brian S. Silverman, 2003. "Why aren't all Truck Drivers Owner‐Operators? Asset Ownership and the Employment Relation in Interstate for‐hire Trucking," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 12(1), pages 91-118, March.
- Jongwook Kim & Joseph T. Mahoney, 2005. "Property rights theory, transaction costs theory, and agency theory: an organizational economics approach to strategic management," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 223-242.
- Tailan Chi, 1994. "Trading in strategic resources: Necessary conditions, transaction cost problems, and choice of exchange structure," Strategic Management Journal, Wiley Blackwell, vol. 15(4), pages 271-290, May.
- Stephen D. Behrendt & David Eltis & David Richardson, 2001. "The Costs of Coercion: African Agency in the Pre-Modern Atlantic World," Economic History Review, Economic History Society, vol. 54(3), pages 454-476, August.
- Aija Leiponen, 2008. "Control of intellectual assets in client relationships: implications for innovation," Strategic Management Journal, Wiley Blackwell, vol. 29(13), pages 1371-1394, December.
- Robert Gibbons, 2005. "Incentives Between Firms (and Within)," Management Science, INFORMS, vol. 51(1), pages 2-17, January.
- George P. Baker & Thomas N. Hubbard, 2004. "Contractibility and Asset Ownership: On-Board Computers and Governance in U. S. Trucking," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(4), pages 1443-1479.
- Joanne Oxley & Gurupdesh Pandher, 2016. "Equity-based incentives and collaboration in the modern multibusiness firm," Strategic Management Journal, Wiley Blackwell, vol. 37(7), pages 1379-1394, July.
- Oxley, Joanne E, 1997. "Appropriability Hazards and Governance in Strategic Alliances: A Transaction Cost Approach," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 13(2), pages 387-409, October.
- Peter T. Leeson, 2007. "An-arrgh-chy: The Law and Economics of Pirate Organization," Journal of Political Economy, University of Chicago Press, vol. 115(6), pages 1049-1094, December.
- Todd M. Alessandri & Anju Seth, 2014. "The effects of managerial ownership on international and business diversification: Balancing incentives and risks," Strategic Management Journal, Wiley Blackwell, vol. 35(13), pages 2064-2075, December.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Victor Aguirregabiria & Margaret Slade, 2017.
"Empirical models of firms and industries,"
Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 50(5), pages 1445-1488, December.
- Victor Aguirregabiria & Margaret Slade, 2017. "Empirical models of firms and industries," Canadian Journal of Economics, Canadian Economics Association, vol. 50(5), pages 1445-1488, December.
- Aguirregabiria, Victor & Slade, Margaret, 2017. "Empirical Models of Firms and Industries," CEPR Discussion Papers 12074, C.E.P.R. Discussion Papers.
- Aguirregabiria, Victor & Slade, Margaret E., 2017. "Empirical Models of Firms and Industries," Microeconomics.ca working papers margaret_e._slade-2017-4, Vancouver School of Economics, revised 27 Apr 2017.
- Victor Aguirregabiria & Margaret Slade, 2017. "Empirical Models of Firms and Industries," Working Papers tecipa-580, University of Toronto, Department of Economics.
- Francine Lafontaine & Margaret Slade, 2007.
"Vertical Integration and Firm Boundaries: The Evidence,"
Journal of Economic Literature, American Economic Association, vol. 45(3), pages 629-685, September.
- Lafontaine, Francine & Slade, Margaret, 2007. "Vertical Integration and Firm Boundaries : The Evidence," The Warwick Economics Research Paper Series (TWERPS) 799, University of Warwick, Department of Economics.
- Lafontaine, Francine & Slade, Margaret, 2007. "Vertical Integration and Firm Boundaries: The Evidence," Economic Research Papers 269756, University of Warwick - Department of Economics.
- Committee, Nobel Prize, 2016. "Oliver Hart and Bengt Holmström: Contract Theory," Nobel Prize in Economics documents 2016-1, Nobel Prize Committee.
- Eduard Marinov, 2016. "The 2016 Nobel Prize in Economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 97-149.
- Gibbons, Robert, 2005. "Four forma(lizable) theories of the firm?," Journal of Economic Behavior & Organization, Elsevier, vol. 58(2), pages 200-245, October.
- Christopher Hansman & Jonas Hjort & Gianmarco León-Ciliotta & Matthieu Teachout, 2020.
"Vertical Integration, Supplier Behavior, and Quality Upgrading among Exporters,"
Journal of Political Economy, University of Chicago Press, vol. 128(9), pages 3570-3625.
- Christopher Hansman & Jonas Hjort & Gianmarco León-Ciliotta & Matthieu Teachout, 2017. "Vertical Integration, Supplier Behavior, and Quality Upgrading among Exporters," Working Papers 961, Barcelona School of Economics.
- Christopher Hansman & Jonas Hjort & Gianmarco León & Matthieu Teachout, 2017. "Vertical Integration, Supplier Behavior, and Quality Upgrading among Exporters," NBER Working Papers 23949, National Bureau of Economic Research, Inc.
- León-Ciliotta, Gianmarco & Hjort, Jonas & Hansman, Christopher & Teachout, Matthieu, 2017. "Vertical Integration, Supplier Behavior, and Quality Upgrading among Exporters," CEPR Discussion Papers 12518, C.E.P.R. Discussion Papers.
- Gianmarco León & Christopher Hansman & Jonas Hjort & Matthieu Teachout, 2017. "Vertical integration, supplier behavior, and quality upgrading among exporters," Economics Working Papers 1562, Department of Economics and Business, Universitat Pompeu Fabra.
- Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business.
- Devarakonda, Ramakrishna & Reuer, Jeffrey J. & Tadikonda, Harsha, 2022. "Founder social capital and value appropriation in R&D alliance agreements," Research Policy, Elsevier, vol. 51(4).
- Robert Gibbons & John Roberts, 2012. "The Handbook of Organizational Economics," Economics Books, Princeton University Press, edition 1, volume 1, number 9889.
- Marta De Philippis, 2021.
"Multi-Task Agents and Incentives: The Case of Teaching and Research for University Professors,"
The Economic Journal, Royal Economic Society, vol. 131(636), pages 1643-1681.
- Marta De Philippis, 2015. "Multitask Agents and Incentives: The Case of Teaching and Research for University Professors," CEP Discussion Papers dp1386, Centre for Economic Performance, LSE.
- Philippis, Marta De, 2015. "Multitask agents and incentives: the case of teachingand research for university professors," LSE Research Online Documents on Economics 65007, London School of Economics and Political Science, LSE Library.
- Marta De Philippis, 2015. "Multitask agents and incetives: the case of teaching and research for university professors," Temi di discussione (Economic working papers) 1042, Bank of Italy, Economic Research and International Relations Area.
- Timothy Bresnahan & Jonathan Levin, 2012.
"Vertical Integration and Market Structure [The Handbook of Organizational Economics],"
Introductory Chapters,,
Princeton University Press.
- Timothy Bresnahan & Jonathan Levin, 2012. "Vertical Integration and Market Structure," Discussion Papers 11-010, Stanford Institute for Economic Policy Research.
- Timothy F. Bresnahan & Jonathan D. Levin, 2012. "Vertical Integration and Market Structure," NBER Working Papers 17889, National Bureau of Economic Research, Inc.
- Josh Lerner & Ulrike Malmendier, 2010.
"Contractibility and the Design of Research Agreements,"
American Economic Review, American Economic Association, vol. 100(1), pages 214-246, March.
- Josh Lerner & Ulrike Malmendier, 2005. "Contractibility and the Design of Research Agreements," NBER Working Papers 11292, National Bureau of Economic Research, Inc.
- Lerner, Josh & Malmendier, Ulrike, 2008. "Contractibility and the Design of Research Agreements," Department of Economics, Working Paper Series qt2gg4h8z0, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Mahoney, Joseph T., 2012. "Towards a Stakeholder Theory of Strategic Management," Working Papers 12-0100, University of Illinois at Urbana-Champaign, College of Business.
- Amirah El-Haddad, 2008. "Vertical Integration and Institutional Constraints on Firm Behavior: The Case of the Garment Industry in Egypt," Working Papers 383, Economic Research Forum, revised 01 Jan 2008.
- Hendrikse, G.W.J. & Jiang, T., 2007. "An Incomplete Contracting Model of Governance Structure Variety in Franchising," ERIM Report Series Research in Management ERS-2007-049-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
- Etro, Federico, 2011.
"Endogenous market structures and contract theory: Delegation, principal-agent contracts, screening, franchising and tying,"
European Economic Review, Elsevier, vol. 55(4), pages 463-479, May.
- Etro Federico, 2010. "Endogenous Market Structures and Contract Theory. Delegation, principal-agent contracts, screening, franchising and tying," Working Papers 2010_25, Department of Economics, University of Venice "Ca' Foscari".
- Nicholas S. Argyres & Janet Bercovitz & Kyle J. Mayer, 2007. "Complementarity and Evolution of Contractual Provisions: An Empirical Study of IT Services Contracts," Organization Science, INFORMS, vol. 18(1), pages 3-19, February.
- Nicolai J. Foss & Peter G. Klein & Lasse B. Lien & Thomas Zellweger & Todd Zenger, 2021. "Ownership competence," Strategic Management Journal, Wiley Blackwell, vol. 42(2), pages 302-328, February.
- Kim, Jongwook & Mahoney, Joseph T., 2005. "Appropriating Economic Rents from Resources: An Integrative Property Rights and Resource-Based Approach," Working Papers 05-0123, University of Illinois at Urbana-Champaign, College of Business.
- Bowe, Michael & Golesorkhi, Sougand & Yamin, Mo, 2014. "Explaining equity shares in international joint ventures: Combining the influence of asset characteristics, culture and institutional differences," Research in International Business and Finance, Elsevier, vol. 31(C), pages 212-233.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:stratm:v:38:y:2017:i:4:p:854-875. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://onlinelibrary.wiley.com/journal/10.1111/0143-2095 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.