Spin-offs of Entrepreneurial Firms : an O-Ring Approach

Fabel, Oliver

Spin-offs of Entrepreneurial Firms : an O-Ring Approach

Dateien

03-03.pdfGröße: 595.88 KBDownloads: 703

Datum

2003

Autor:innen

Fabel, Oliver

Open Access-Veröffentlichung

Open Access Green

Sammlungen

Wirtschaftswissenschaften

Publikationstyp

Working Paper/Technical Report

Publikationsstatus

Published

Zusammenfassung

The O-Ring theory provides a framework to analyse the emergence of firms organized as partnerships. The owner-managers of such entrepreneurial firms can benefit from ability matching within their production teams. However, they must also bear the project risk. Risk-aversion then induces a second-best solution. At the same time, integrated firms managed on behalf of risk-neutral residual-claimants face information and/or enforcement problems. Hence, they cannot organize ability-matched teams. It is shown that there exists an equilibrium such that groups of individuals sharing a superior ability level will found entrepreneurial firms. Low-quality individuals will be employed by managed firms which hire randomly.
The paper constitutes a significantly revised version of the study formerly entitled The Emergence of a New Economy: An O-Ring Approach , Department of Economics, University of Konstanz, Discussion Paper Series I 314.

Fachgebiet (DDC)

330 Wirtschaft

Schlagwörter

O-Ring Theorie, Fähigkeitsselektion, Partnerschaftsunternehmung, verwaltete Unternehmung, O-Ring Theory, Ability Matching, Entrepreneurial Firms, Managed Firms

Zitieren

ISO 690

FABEL, Oliver, 2003. Spin-offs of Entrepreneurial Firms : an O-Ring Approach

BibTex

@techreport{Fabel2003Spino-11805,
  year={2003},
  series={Diskussionspapiere der DFG-Forschergruppe Heterogene Arbeit},
  title={Spin-offs of Entrepreneurial Firms : an O-Ring Approach},
  number={03/03},
  author={Fabel, Oliver}
}

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