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Entrepreneurship, Organization Capital and the Evolution of the Firm

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  • Atsushi Oshima
  • B. Ravikumar
  • Raymond Riezman

Abstract

We view the entrepreneur as an agent who possesses human capital in the form of specific skills or talents. When she starts a firm, her human capital is essential to the firm and it has substantial private value. The entrepreneur transforms her human capital over time into what we call ‘organization capital’. This organization capital can be sold as part of the firm, so the dynamic process of transforming specific human capital into organization capital means that the value of the firm increases over time.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2008/wp-cesifo-2008-03/cesifo1_wp2242.pdf
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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 2242.

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Date of creation: 2008
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Handle: RePEc:ces:ceswps:_2242

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Keywords: organization capital; entrepreneur;

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  1. Andrew Atkeson & Patrick J. Kehoe, 2005. "Modeling and Measuring Organization Capital," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 113(5), pages 1026-1053, October.
  2. Carol Corrado & Charles Hulten & Daniel Sichel, 2006. "Intangible capital and economic growth," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2006-24, Board of Governors of the Federal Reserve System (U.S.).
  3. Alvarez, Fernando & Stokey, Nancy L., 1998. "Dynamic Programming with Homogeneous Functions," Journal of Economic Theory, Elsevier, vol. 82(1), pages 167-189, September.
  4. Prescott, Edward C & Visscher, Michael, 1980. "Organization Capital," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 88(3), pages 446-61, June.
  5. Fumio Hayashi & Edward C. Prescott, 2000. "The 1990s in Japan: a lost decade," Working Papers 607, Federal Reserve Bank of Minneapolis.
  6. Baumol, William J, 1986. "Productivity Growth, Convergence, and Welfare: What the Long-run Data Show," American Economic Review, American Economic Association, vol. 76(5), pages 1072-85, December.
  7. Fumio Hayashi & Edward C. Prescott, 2002. "Data Appendix to The 1990s in Japan: A Lost Decade," Technical Appendices hayashi02, Review of Economic Dynamics.
  8. Holmes, Thomas J & Schmitz, James A, Jr, 1990. "A Theory of Entrepreneurship and Its Application to the Study of Business Transfers," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(2), pages 265-94, April.
  9. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(5), pages 893-921, October.
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