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Contribution Details

Type Journal Article
Scope Discipline-based scholarship
Title Multifaceted Transactions and Organizational Ownership
Organization Unit
Authors
  • Michel Habib
Item Subtype Original Work
Refereed Yes
Status Published in final form
Language
  • English
Journal Title Review of Corporate Finance Studies
Publisher Oxford University Press
Geographical Reach international
ISSN 2046-9128
Volume 7
Number 1
Page Range 22 - 69
Date 2018
Abstract Text I provide a unified explanation for shareholder ownership, partnerships, mutuals, government ownership, cooperatives, and vertical and horizontal control: each ownership form constitutes a variation on a single underlying theme, the assignment of ownership to a subset of firm stakeholders. When not every facet of a transaction is contractible and high-powered incentives might divert investment toward the transaction’s contractible facets, to the overall transaction’s possible detriment, optimal organizational ownership allocates the right to set the power of managerial incentives to those stakeholders most affected by the noncontractible facets of the organization’s paramount transaction.
Digital Object Identifier 10.1093/rcfs/cfx019
Other Identification Number merlin-id:15905
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