Spin-O®s of Entrepreneurial Firms: An O-Ring Approach
نویسنده
چکیده
The O-Ring theory is used to analyze the emergence of ̄rms organized as partnerships. The owner-managers of such entrepreneurial ̄rms bene ̄t from ability matching within their production teams. However, they must bear the project risk. Risk-aversion then induces a second-best solution. Integrated ̄rms managed on behalf of riskneutral residual-claimants face information and/or enforcement problems. Hence, they cannot organize ability-matched teams. There exists an equilibrium such that groups of individuals sharing a superior ability level will found entrepreneurial ̄rms. Low-quality individuals will be employed by managed ̄rms which hire randomly. JEL-Classi ̄cation: D2, L2, M2.
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