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Corporate governance, competition policy and industrial policy

  • Aghion, Ph.
  • Dewatripont, M.
  • Rey, P.

This paper shows that introducing agency considerations into a model of innovations and growth can have radical consequences as to the effects of competition policy and industrial policy on the rate of technological change. Whilst competition policy (resp. industrial policy) has a negative (resp. a positive) effect on growth in a Schumpeterian model with profit-maximising firms, these effects are shown to be both reversed when agency problems within innovating firms become sufficiently important. © 1997 Elsevier Science B.V.

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Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 41 (1997)
Issue (Month): 3-5 (April)
Pages: 797-805

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Handle: RePEc:eee:eecrev:v:41:y:1997:i:3-5:p:797-805
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  1. Richard Blundell & Rachel Griffith & John Van Reenen, 1994. "Dynamic count data models of technological innovation," IFS Working Papers W94/10, Institute for Fiscal Studies.
  2. Aghion, Philippe & Howitt, Peter, 1996. " Research and Development in the Growth Process," Journal of Economic Growth, Springer, vol. 1(1), pages 49-73, March.
  3. Nickell, Stephen & Nicolitsas, Daphne & Dryden, Neil, 1997. "What makes firms perform well?," European Economic Review, Elsevier, vol. 41(3-5), pages 783-796, April.
  4. Nickell, S.J., 1993. "Competition and Crporate Performance," Economics Series Working Papers 99155, University of Oxford, Department of Economics.
  5. 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.
  6. Mayer, Colin, 1987. "New Issues in Corporate Finance," CEPR Discussion Papers 181, C.E.P.R. Discussion Papers.
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