This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

The governance of innovative firms: an evolutionary approach

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Jackie Krafft (GREDEG - Groupe de recherche en Droit Economie Gestion - Université de Nice Sophia-Antipolis)
Jacques Laurent Ravix (GREDEG - Groupe de recherche en Droit Economie Gestion - Université de Nice Sophia-Antipolis)

Additional information is available for the following registered author(s):

Abstract

Corporate governance has been in the recent years one of the most debated issues in conventional economic approaches. Agency theory combined with financial indicators has particularly contributed to the development of shareholder value as a key concept in companies’ governance both at a theoretical and empirical level. We argue that an evolutionary perspective can be developed on the governance of innovative firms since (1) conventional economic approaches only consider a restricted part of this complex issue, and (2) this restricted vision applied in practice has driven the economic system into major coordination problems and turbulences. Based on empirical investigations into the telecommunications industry, and guided by a simple model of evolutionary game, we propose new principles of corporate governance centred upon managerial entrepreneurship and its role on innovation and industry dynamics. The outcome is a set of rules of conduct for the manager and the shareholder

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help file. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://hal.archives-ouvertes.fr/docs/00/20/36/20/PDF/EINT-2005.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by HAL in its series Post-Print with number hal-00203620_v1.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length:
Date of creation: 2005
Date of revision:
Publication status: Published, Economics of Innovation and New Technology, 2005, 14, 3-4, 1-25
Handle: RePEc:hal:journl:hal-00203620_v1

Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00203620/en/
Contact details of provider:
Web page: http://hal.archives-ouvertes.fr/

For technical questions regarding this item, or to correct its listing, contact: (CCSD).

Related research
Keywords:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 103-120, Spring. [Downloadable!] (restricted)
  2. Marie Carpenter & William Lazonick & Mary O'Sullivan, 2003. "The stock market and innovative capability in the New Economy: the optical networking industry," Industrial and Corporate Change, Oxford University Press, vol. 12(5), pages 963-1034, October.
  3. Raghuram G. Rajan & Luigi Zingales, 1998. "Power In A Theory Of The Firm," The Quarterly Journal of Economics, MIT Press, vol. 113(2), pages 387-432, May. [Downloadable!] (restricted)
    Other versions:
  4. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May. [Downloadable!] (restricted)
  5. Robert E. Hall, 2001. "The Stock Market and Capital Accumulation," American Economic Review, American Economic Association, vol. 91(5), pages 1185-1202, December. [Downloadable!] (restricted)
    Other versions:
  6. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May. [Downloadable!] (restricted)
  7. Lucia Piscitello, 2004. "Corporate diversification, coherence and economic performance," Industrial and Corporate Change, Oxford University Press, vol. 13(5), pages 757-787, October.
  8. Antonelli Cristiano, 2005. "The governance of localized knowledge: An information economics approach for the economics of knowledge," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200502, University of Turin. [Downloadable!]
  9. Mariana Mazzucato & Willi Semmler, 1999. "Market share instability and stock price volatility during the industry life-cycle: the US automobile industry," Journal of Evolutionary Economics, Springer, vol. 9(1), pages 67-96. [Downloadable!] (restricted)
  10. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August. [Downloadable!] (restricted)
    Other versions:
  11. Mariana Mazzucato, 2003. "Risk, variety and volatility: growth, innovation and stock prices in early industry evolution," Journal of Evolutionary Economics, Springer, vol. 13(5), pages 491-512, December. [Downloadable!] (restricted)
    Other versions:
  12. Mariana Mazzucato, 2002. "The PC Industry: New Economy or Early Life-Cycle?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(2), pages 318-345, April. [Downloadable!] (restricted)
  13. Richardson, G B, 1972. "The Organisation of Industry," Economic Journal, Royal Economic Society, vol. 82(327), pages 883-96, September. [Downloadable!] (restricted)
  14. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, vol. 48(3), pages 831-80, July. [Downloadable!] (restricted)
  15. Grenadier, Steven R. & Weiss, Allen M., 1997. "Investment in technological innovations: An option pricing approach," Journal of Financial Economics, Elsevier, vol. 44(3), pages 397-416, June. [Downloadable!] (restricted)
  16. Servaes, Henri, 1996. " The Value of Diversification during the Conglomerate Merger Wave," Journal of Finance, American Finance Association, vol. 51(4), pages 1201-25, September. [Downloadable!] (restricted)
  17. Jackie Krafft & Jacques-Laurent Ravix, 2005. "The governance of innovative firms: An evolutionary perspective," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 14(3), pages 125-147, April. [Downloadable!] (restricted)
  18. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June. [Downloadable!] (restricted)
    Other versions:
  19. Robert E. Hall, 2001. "Struggling to Understand the Stock Market," American Economic Review, American Economic Association, vol. 91(2), pages 1-11, May. [Downloadable!] (restricted)
  20. Ronald C. Anderson & Thomas W. Bates & John M. Bizjak & Michael L. Lemmon, 2000. "Corporate Governance and Firm Diversification," Financial Management, Financial Management Association, vol. 29(1), Spring.
  21. Bengt Holmstrom & Steven N. Kaplan, 2001. "Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 121-144, Spring. [Downloadable!] (restricted)
  22. Teece, David J. & Rumelt, Richard & Dosi, Giovanni & Winter, Sidney, 1994. "Understanding corporate coherence : Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 23(1), pages 1-30, January. [Downloadable!] (restricted)
  23. Denis, David J & Denis, Diane K & Sarin, Atulya, 1997. " Agency Problems, Equity Ownership, and Corporate Diversification," Journal of Finance, American Finance Association, vol. 52(1), pages 135-60, March. [Downloadable!] (restricted)
  24. Lang, Larry H P & Stulz, Rene M, 1994. "Tobin's q, Corporate Diversification, and Firm Performance," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1248-80, December. [Downloadable!] (restricted)
    Other versions:
  25. Pavitt, K, 2001. "Public Policies to Support Basic Research: What Can the Rest of the World Learn from US Theory and Practice? (And What They Should Not Learn)," Industrial and Corporate Change, Oxford University Press, vol. 10(3), pages 761-79, September.
Full references

Statistics
Access and download statistics

Did you know? About five million pdf files are downloaded through RePEc every year.

This page was last updated on 2008-10-11.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.