The Efficiency of Internal Resource Allocation Decisions in Customer-owned Firms: The Influence Costs Problem
نویسنده
چکیده
Influence costs arguments explain the level of efficiency attained by internal capital markets in investor-oriented firms (IOFs). Using these developments in the theory of economic organization we study internal capital markets in diversified customer-owned firms. In such firms, influence costs may be considerably higher than in IOFs of comparable size and scope, due to multiple principle—agency costs and heterogeneous member interests. Our arguments are supported by an empirical investigation of the organizational, governance, and property rights structures, which affect the degree of efficiency achieved by internal capital markets in producer cooperative organizations. As a by-product of our empirical analysis, we are also able to identify the dimensions of stakeholder interest heterogeneity, which critically affect internal capital market efficiency. Our results suggest that a comprehensive theory of the firm should relate influence activities to efficiency maximization in economic organizations. 1 The authors are Visiting Scholar and Professor, respectively, in the Agribusiness Program, University of MissouriColumbia. 1 The Efficiency of Internal Resource Allocation Decisions in Customer-owned Firms: The Influence Costs Problem
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