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Marrying in the Cathedral: a Framework for the Analysis of Corporate Governance

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  • Ugo Pagano

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Abstract

The firm can be seen as a centralization of market transactions and as a decentralization of a public ordering which allows the management of joint liabilities. The paper advances the view that the main reason for the firm’s existence is the unification and the internalization of liabilities. From this perspective, Coase's and Fuller's contributions to the theory of the firm can be married within the architecture of Calabresi's Cathedral. Because of specific (dis)investments, fundamental transformations from competition to managed bilateral monopoly take place either in the public or the private sphere and provide an explanation for the ultimate nature of the firm

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Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 571.

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Date of creation: Sep 2009
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Handle: RePEc:usi:wpaper:571

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  1. Patrick Bolton & David S. Scharfstein, 1998. "Corporate Finance, the Theory of the Firm, and Organizations," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 95-114, Fall.
  2. Coase, R H, 2000. "The Acquisition of Fisher Body by General Motors," Journal of Law and Economics, University of Chicago Press, vol. 43(1), pages 15-31, April.
  3. Ugo Pagano & Maria Rossi, 2004. "Incomplete Contracts, Intellectual Property and Institutional Complementarities," European Journal of Law and Economics, Springer, vol. 18(1), pages 55-76, July.
  4. Brousseau, Eric & Glachant, Jean-Michel, 2008. "New institutional economics: a guidebook," Economics Papers from University Paris Dauphine 123456789/12319, Paris Dauphine University.
  5. Ugo Pagano, 2000. "Public Markets, Private Orderings and Corporate Governance," ESRC Centre for Business Research - Working Papers wp166, ESRC Centre for Business Research.
  6. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-95, December.
  7. Breton,Albert & Wintrobe,Ronald, 2008. "The Logic of Bureaucratic Conduct," Cambridge Books, Cambridge University Press, number 9780521071727, April.
  8. Freeland, Robert F, 2000. "Creating Holdup through Vertical Integration: Fisher Body Revisited," Journal of Law and Economics, University of Chicago Press, vol. 43(1), pages 33-66, April.
  9. Casadesus-Masanell, Ramon & Spulber, Daniel F, 2000. "The Fable of Fisher Body," Journal of Law and Economics, University of Chicago Press, vol. 43(1), pages 67-104, April.
  10. Klein, Benjamin & Crawford, Robert G & Alchian, Armen A, 1978. "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process," Journal of Law and Economics, University of Chicago Press, vol. 21(2), pages 297-326, October.
  11. Klein, Benjamin, 1988. "Vertical Integration as Organizational Ownership: The Fisher Body-General Motors Relationship Revisited," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 199-213, Spring.
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Cited by:
  1. Ugo Pagano, 2012. "No institution is a free lunch: a reconstruction of Ronald Coase," International Review of Economics, Springer, vol. 59(2), pages 189-200, July.

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