Book
Ownership and Governance of Enterprises

Recent Innovative Developments

Conventional wisdom recommends the superiority of private ownership of enterprises. The reality confronts it with a rich diversity in ownership and governance structures. This volume examines five types of unorthodox ownership and governance form emerging in the industrial sector across major economies. It analyses two cases to demonstrate that there are alternative ways to harden budget constraints of state-owned enterprises. It investigates what forces have driven these new developments and what functioning mechanisms have underlain the adaptive dynamics. It also looks at relevant policy implications for developing and transition economies. Thanks to the expanding role of these innovative ownership and governance forms in both the developed and developing economies, the perspectives and analyses presented in this book are of vital interest to various business people such as investment bankers, corporate lawyers, and business consultants, as wells as to regulators, policy-makers and scholars.

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Editor

Laixiang Sun

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September 2003

Palgrave Macmillan,

© UNU-WIDER

Table of contents
  1. Adaptive Efficiency and the Evolving Diversity of Enterprise Ownership and Governance Forms: An Overview
    Laixiang Sun
  2. Institutional Investors, Corporate Ownership, and Corporate Governance: Global Perspectives
    Stuart L. Gillan, Laura T. Starks
    More Working Paper | Institutional Investors, Corporate Ownership, and Corporate Governance
  3. New Institutional Arrangements for Product Innovation in Silicon Valley
    Hirokazu Takizawa
    More Working Paper | Understanding the Silicon Valley Phenomena
  4. Sharing Ownership via Employee Stock Ownership
    James C. Sesil, Douglas L. Kruse, Joseph R. Blasi
    More Working Paper | Sharing Ownership via Employee Stock Ownership
  5. Hardening a Soft Budget Constraint Through 'Upward Devolution' to a Supranational Institution: The Case of the European Union and Italian State-Owned Firms
    Elisabetta Bertero, Laura Rondi
    More Working Paper | Hardening a Soft Budget Constraint Through 'Upward Devolution' to a Supranational Institution
  6. Evolving and Functioning Mechanisms of Employee Stock Ownership in China's Township and Village Enterprises
    Laixiang Sun
    More Working Paper | Economics of China's Joint-Stock Co-Operatives
  7. Network Externalities and Cooperative Networks: Stylized Facts and Theory
    Stephen C. Smith
    More Working Paper | An Endogenous Group Formation Theory of Co-operative Networks
  8. Network Externalities and Cooperative Networks: A Comparative Case Study of Mondragón and La Lega with Implications for Developing and Transitional Countries
    Stephen C. Smith
    More Working Paper | An Endogenous Group Formation Theory of Co-operative Networks
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Endorsements

'This book, edited by Laixiang Sun, has evidently analyzed and compared emerging unorthodox ownership and governance structures in a knowledge intensive, informative and insightful format and has been designed in an elegant and accessible way towards both specialists and non-specialists. These works contain up-to-date case studies, development assessments, policy analyses, and literature reviews, and will be of interest to various business people, policy-consultants, regulators, policy-makers and scholars.' - Larry H.P. Lang, Chair Professor of Finance, Chinese University of Hong Kong and Cheung Kong Graduate School of Business in Beijing

'In the main the conventional wisdom predicts an economic landscape in which key institutional arrangements surrounding enterprises are expected to be fairly homogeneous and stable. The existence and evolution of diverse ownership configurations and varying forms of corporate governance in firms around the world presents enormous challenges to this view. This stimulating volume examines several interesting examples of 'real world heterogeneity' including the Mondragon Cooperative Consortium, U.S. ESOPs and Chinese TVEs. The volume provides rich institutional detail that meshes well with an eclectic theoretical framework. Students of the modern enterprise and policy makers in the fields of development and transition will find much thought-provoking material in this well-written and accessible volume.' - Derek C. Jones, Irma M. and Robert D. Morris Professor of Economics, Hamilton College, Clinton, NY and Research Fellow, Davidson Institute, University of Michigan

Context

Project
Property rights regimes, microeconomic incentives, and development
Keywords