Shareholders and Stakeholder: Human Capital and Industry Equilibrium
AbstractProducing high technology output and supplying sophisticated services often involves costly investment in industry specific skills. But the threat of poaching means that it is the individual "stakeholder", not the firm, who must bear the cost. We investigate various mechanisms for funding human capital investment in an industry equilibrium framework where capital market imperfections would (in the absence of intervention) result in underinvestment.
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Bibliographic InfoPaper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 481.
Length: 22 pages
Date of creation: 1997
Date of revision:
HUMAN CAPITAL ; INDUSTRY ; INVESTMENTS;
Other versions of this item:
- Miller, Marcus & Ippolito, Roberto & Zhang, Lei, 1998. "Shareholders and Stakeholders: Human Capital and Industry Equilibrium," Economic Journal, Royal Economic Society, vol. 108(447), pages 490-508, March.
- Ippolito, Roberto & Miller, Marcus & Zhang, Lei, 1997. "Shareholders and Stakeholders: Human Capital and Industry Equilibrium," CEPR Discussion Papers 1719, C.E.P.R. Discussion Papers.
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
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- Booth, Alison L & Francesconi, Marco & Zoega, Gylfi, 1999. "Training, Rent-Sharing and Unions," CEPR Discussion Papers 2200, C.E.P.R. Discussion Papers.
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