We examine whether firms pursue target board structures. Using a broad panel from 1991–2003, we find that board changes are frequent, with two-thirds of firms changing board size or independence during a two-year period. Board changes are associated with changes in firm-specific fundamentals. The rate of change is positively associated with the benefits of effective boards and negatively associ...

We often use delegation as a commitment device if a government faces problems of timeinconsistency. McCallum (1995, AER P&P) challenged this practice, claiming that delegation merely relocates the commitment problem but does not solve it. In a model where delegation and specific policies are subject to the same commitment technology it is shown that McCallum’s conjecture holds if optimal ex-ant...

Recent papers show that imperfect property rights to a natural resource–a sector-specific factor– can be a source of comparative advantage. In these models, weaker property rights attract labor–the only mobile factor– to the resource sector, increasing the country’s comparative advantage for that sector. If capital in addition to labor is mobile, and if the benefits of capital are non-excludabl...

This paper considers the impact of community participation on outcomes of development projects. It Ž rst offers a theoretical framework for participation by using the property rights literature to model how participation in an activity, in addition to involving information exchange, also results in greater in uence in the activity. The model predicts that community participationmay not always ...

We explore the dynamic evolution of property rights regimes in R&D alliances using the incomplete contract approach pioneered by Grossman, Hart, and Moore. In contrast to the standard analysis, the productive asset is an excludable public good such as a patent. Moreover, both firms can decide whether to disclose their know-how and invest effort. Know-how that has once been released cannot be co...

Research has focused on employee emotion regulation as a stable dispositional tendency. Yet effective and healthy requires flexibly choosing between different strategies in response to various workplace situational demands. In this study, we investigate the between- within-person differences of 83 frontline managers across 10 working days. Using affective events theory, examine managers’ use th...

Abstract We present a public procurement model in which contractual flexibility and political tolerance for deviations determine renegotiations. In the model, allows adaptation without formal renegotiation, while decreases with competition. then compare renegotiation rates of contracts procurer is either administration or private corporation. find robust evidence consistent predictions: public-...

Agricultural marketing cooperatives are of panoramic socioeconomic importance. As owners, decision-makers, and suppliers, their members' opportunism is great concern to competitiveness. In this study, we analyze sthe impact governance mechanisms on opportunism. We explore the nonlinear effects differences between memberships first-tier federated cooperatives. Empirical results show that not all...