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Entrepreneurial Enterprises, Endogenous Ownership, and the Limits to Firm Size

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  • Wiggins, Steven N
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    Abstract

    This paper develops a simple model of entrepreneurial enterprises. The analysis differs from traditional work on entrepreneurship by analyzing why entrepreneurial activities are typically conducted in small firms owned by the entrepreneur. The author argues that ownership incentives are an advantage of small firms. When the probability of success of an economic activity becomes small, it becomes costly for large firms to commit to strong incentives and small worker-owned firms emerge. The paper discusses application of the theory to innovation, wild-cat oil exploration, restaurants and retail trade, professional practices, salesmen, and franchising. Copyright 1995 by Oxford University Press.

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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Economic Inquiry.

    Volume (Year): 33 (1995)
    Issue (Month): 1 (January)
    Pages: 54-69

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    Handle: RePEc:oup:ecinqu:v:33:y:1995:i:1:p:54-69

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    Cited by:
    1. Naude, Wim, 2008. "Entrepreneurship in Economic Development," Working Paper Series RP2008/20, World Institute for Development Economic Research (UNU-WIDER).
    2. Manuel Portugal Ferreira & Ana Teresa Tavares & William Hesterly & Sungu Armagan, 2006. "Network and firm antecedents of spin-offs: Motherhooding spin-offs," FEP Working Papers 201, Universidade do Porto, Faculdade de Economia do Porto.
    3. Peter Thompson & Steven Klepper, 2009. "Disagreements and Intra-Industry Spinoffs," Working Papers 0907, Florida International University, Department of Economics.
    4. Block, J.H. & Thurik, A.R. & Zhou, H., 2009. "What Turns Knowledge into Innovative Products? The Role of Entrepreneurship and Knowledge Spillovers," ERIM Report Series Research in Management, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasm ERS-2009-049-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    5. Fackler, Daniel & Schnabel, Claus, 2013. "Survival of spinoffs and other startups: First evidence for the private sector in Germany, 1976 - 2008," IWQW Discussion Paper Series 06/2013, Friedrich-Alexander-Universität Erlangen-Nürnberg, Institut für Wirtschaftspolitik und Quantitative Wirtschaftsforschung (IWQW).
    6. Oana Hirakawa & Marc-Andreas Muendler & James E. Rauch, 2010. "Employee Spinoffs and Other Entrants: Stylized Facts from Brazil," NBER Working Papers 15638, National Bureau of Economic Research, Inc.
    7. Fryges, Helmut & Müller, Bettina & Niefert, Michaela, 2013. "Job machine, think tank, or both: What makes corporate spinoffs different?," ZEW Discussion Papers 13-093, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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