Property Rights, Owner-Management, and Value Creation
Abstract
Building on property rights theory, we explore the relationship among property rights, owner-management, and value creation in private firms. We suggest that property rights in the hands of owner-managers create strategic, incentive, and commitment benefits that facilitate value creation. However, the self-incentivizing nature of property rights engenders three control hazards—those related to reliability, egocentrism, and succession—that...
Paper Details
Title
Property Rights, Owner-Management, and Value Creation
Published Date
Jul 1, 2021
Journal
Volume
46
Issue
3
Pages
489 - 511
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Notes
History