Collective Choice and Control Rights in Firms
Because contracts among input suppliers are incomplete, it is necessary to assign rights to determine the policies of the firm. Two leading contenders for such control rights are investors and workers. Large enterprises are generally controlled by capital suppliers or their agents. We trace this pattern to an underlying asymmetry in the characteristics of capital and labor.
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Cornell University, ILR School, vol. 49(1), pages 58-77, October.
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