The Origin of the Capitalist Firm

An Entrepreneurial/Contractual Theory of the Firm

Business & Finance, Career Planning & Job Hunting, Entrepreneurship, Entrepreneurship & Small Business
Cover of the book The Origin of the Capitalist Firm by Weiying Zhang, Springer Singapore
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Author: Weiying Zhang ISBN: 9789811002212
Publisher: Springer Singapore Publication: August 13, 2017
Imprint: Springer Language: English
Author: Weiying Zhang
ISBN: 9789811002212
Publisher: Springer Singapore
Publication: August 13, 2017
Imprint: Springer
Language: English

The book addresses the entrepreneurial origin of the capitalist firm and its asymmetric contractual relationships between capitalists, workers, managers and entrepreneurs, and explains the origin of the firm by focusing on entrepreneurship. A hidden action model shows how assigning residual claim to entrepreneurs can provide a better overall incentive; a hidden information model demonstrates that capitalists are given priority and have authority to select the management, because capital can signal  entrepreneurial ability; and a general equilibrium entrepreneurial model shows that the equilibrium relationships between different members of the firm depend on the joint distribution of ability, wealth and risk attitudes in the population. Overall, the book reveals that the capitalist firm is more efficient, not only because it provides better incentives but also because it ensures that the most entrepreneurial people control the firm. 

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

The book addresses the entrepreneurial origin of the capitalist firm and its asymmetric contractual relationships between capitalists, workers, managers and entrepreneurs, and explains the origin of the firm by focusing on entrepreneurship. A hidden action model shows how assigning residual claim to entrepreneurs can provide a better overall incentive; a hidden information model demonstrates that capitalists are given priority and have authority to select the management, because capital can signal  entrepreneurial ability; and a general equilibrium entrepreneurial model shows that the equilibrium relationships between different members of the firm depend on the joint distribution of ability, wealth and risk attitudes in the population. Overall, the book reveals that the capitalist firm is more efficient, not only because it provides better incentives but also because it ensures that the most entrepreneurial people control the firm. 

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