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Corporate Control, Social Choice and Capital Accumulation: An Asymmetrical Choice Approach

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  • Christos N. Pitelis

    (Department of Industrial Economics, University of Nottingham, Nottingham NG7 2RD, U.K.)

Abstract

Corporate decisions with regard to retained earnings act as a constraint to the consumption-saving decisions of all shareholders, except those who take the decisions - the controlling group. The latter exhibit a preference for a higher retention ratio than the non-controlling share-holders and tend to realize their "preferences." Given less than perfect substitution between corporate and personal saving, this tends to increase aggregate financial capital accumulation.

Suggested Citation

  • Christos N. Pitelis, 1986. "Corporate Control, Social Choice and Capital Accumulation: An Asymmetrical Choice Approach," Review of Radical Political Economics, Union for Radical Political Economics, vol. 18(3), pages 85-100, September.
    • Handle: RePEc:sae:reorpe:v:18:y:1986:i:3:p:85-100
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