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    National Tsing Hua University Institutional Repository > 科技管理學院  > 經濟學系 > 期刊論文 >  The Boundaries of the Firms as Information Barriers

    Please use this identifier to cite or link to this item: http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/45217

    Title: The Boundaries of the Firms as Information Barriers
    Authors: Eric S. Chou
    教師: 周嗣文
    Date: 2007
    Publisher: RAND
    Relation: Rand Journal of Economics,RAND,Volume 38,Issue 3,2007,Pages 1-14
    Keywords: Boundaries
    Information Barriers
    Abstract: Most existing theories of the …rms de…ne a …rm as a collection of physical assets, and hence can not explain the …rm from a human-asset perspective, which is of particular importance for understanding human-capital intensive …rms. To …ll in the gap, this paper proposes an alternative de…nition –a …rm is a group of people who work in a very close way so that outsiders cannot clearly distinguish one group member from another. By this de…nition, the boundaries of the …rm matter because they can alter investment speci…city and hence alleviate or aggravate the hold-up problem. Speci…cally, when there is substantial investment externalities integration is more e¢ cient, and conversely separation is more e¢ cient when investment externalities are small. This result is obtained under both Nash and alternating-o¤er bargaining. The e¤ect of ‘relational contracts’(Baker, Gibbons and Murphy [1]) is also examined to show that the newly de…ned organization structures matter even when relational contracts can be signed.
    URI: http://repec.org/esNASM04/up.30053.1075442322.pdf
    Appears in Collections:[經濟學系] 期刊論文

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