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Ownership, organization and private firm's efficient use of resources

Author

Listed:
  • Rodolphe Durand

    (EM - EMLyon Business School)

  • Vicente Vargas

Abstract

The principal–agent theory asserts that public firms' performance is driven by efficient capital and labor markets but is silent about non-listed private companies, which are less permeable to market forces (both capital and labor) than are public companies. We propose and test a 2 × 2 framework distinguishing owner-controlled vs. agent-led firms from firms with a flat vs.multilayer organization. Our findings provide highly contrasted results and raise important issues for further study of private firms.

Suggested Citation

  • Rodolphe Durand & Vicente Vargas, 2003. "Ownership, organization and private firm's efficient use of resources," Post-Print hal-02311662, HAL.
    • Handle: RePEc:hal:journl:hal-02311662
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