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Ownership and Marginal Competition : Employee, Customer and Outside Ownership

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Author Info

  • Bolton, P.
  • Xu, C.

Abstract

This paper centers around the question of ownership of firms and managerial competition and how these affect managers and employees' incentives to invest in human capital. We argue that employees' incentives in human capital investment are affected by both ownership and competition since both ownership structure and competition provide bargaining chips to employees. Ownership provides protections which may improve or dull employees' incentives for human capital investment. When there is fierce market competition and no lock-in the allocation of ownership does not play a role (as one might expect), provided that human and physical assets are sufficiently complementary. If asset complementarity is low, ownership matters even in the absence of lock-in. In general, the most efficient ownership arrangement is that which maximizes managerial competition inside the firm.

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Bibliographic Info

Paper provided by Chicago - Graduate School of Business in its series Papers with number 20.

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Length: 40 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:chicbu:20

Contact details of provider:
Postal: UNIVERSITY OF CHICAGO, H.G.B. ALEXANDER FOUNDATION GRADUATE SCHOOL OF BUSINESS, CHICAGO ILLINOIS 60637 U.S.A.
Web page: http://gsb.uchicago.edu/
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Related research

Keywords: PROPERTY RIGHTS ; COMPETITION ; LABOUR MARKET ; MANAGEMENT;

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