Optimal Ownership Regime in the Presence of Investment Spillovers

Piergiovanna Natale, V. Gattai
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Abstract

In the context of the property rights theory of the firm, we study the role of investment spillovers in shaping the efficiency ranking of ownership regimes. In our model, spillovers arise from asset-embodied investment and footloose investment. Under the former, the benefits of investment can be appropriated only through asset control; under the latter, the benefits of investment can be appropriated independently of asset control. Our model predicts that asset-embodied investment favors the adoption of non-integration, while joint ownership may prevail in the presence of footloose investment.
投资溢出下的最优所有权制度
在企业产权理论的背景下,我们研究了投资溢出在所有制制度效率排序中的作用。在我们的模型中,溢出效应来自资产化投资和自由投资。在前者下,投资收益只能通过资产控制来分配;在后者下,投资收益可以独立于资产控制而被挪用。我们的模型预测,资产化投资倾向于采用非整合,而在自由投资存在的情况下,共同所有权可能会占上风。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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