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Appropriability, Investment Incentives and the Property Rights Theory of the Firm

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  • David de Meza
  • Ben Lockwood

    ()

Abstract

This paper examines the property rights theory of the firm when a manager's relationship-specific investment can be partially appropriated by the owner of an asset when cooperation breaks down. For example ownership typically confers the right to continue with a project even should the production team dissolve. The investments of non-owners may then be devalued, but are seldom wholly loss to the owner. With such spillovers, the outside-option principle can be incorporated into the Grossman-Hart-Moore framework without implying that ownership demotivates. Enriched predictions on the determinants of integration emerge.

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File URL: http://www.bris.ac.uk/Depts/CMPO/workingpapers/wp68.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of Bristol, UK in its series The Centre for Market and Public Organisation with number 03/068.

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Length: 27 pages
Date of creation: Apr 2003
Date of revision:
Handle: RePEc:bri:cmpowp:03/068

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Keywords: theory of the firm;

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Cited by:
  1. Maija Halonen-Akatwijuka & Toby Regner, 2004. "Digital Technology and the Allocation of Ownership in the Music Industry," The Centre for Market and Public Organisation 04/096, Department of Economics, University of Bristol, UK.

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