The Origin of the Capitalist Firm : an Entrepreneurial/Contractual Theory of the Firm / by Weiying Zhang.
Zhang, Weiying, author.
2018
HB615
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Title The Origin of the Capitalist Firm : an Entrepreneurial/Contractual Theory of the Firm / by Weiying Zhang.
Author Zhang, Weiying, author.
ISBN 9789811002212
9811002215
9789811002205
9811002207
DOI https://doi.org/10.1007/978-981-10-0221-2
Published Singapore : Springer Singapore : Imprint : Springer, 2018.
Language English
Description 1 online resource (XVI, 196 pages 20 illustrations) : online resource
Item Number 10.1007/978-981-10-0221-2 doi
Call Number HB615
Dewey Decimal Classification 658.421
Summary The book addresses the entrepreneurial origin of the capitalist firm and its asymmetric contractual relationships between capitalists, workers, managers and entrepreneurs, and explains the origin of the firm by focusing on entrepreneurship. A hidden action model shows how assigning residual claim to entrepreneurs can provide a better overall incentive; a hidden information model demonstrates that capitalists are given priority and have authority to select the management, because capital can signal entrepreneurial ability; and a general equilibrium entrepreneurial model shows that the equilibrium relationships between different members of the firm depend on the joint distribution of ability, wealth and risk attitudes in the population. Overall, the book reveals that the capitalist firm is more efficient, not only because it provides better incentives but also because it ensures that the most entrepreneurial people control the firm.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Digital File Characteristics text file PDF
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Preface to the second edition
Preface to the first edition
Acknowledgements
Chapter 1 Introduction: Why Does Capital Hire Labour?
Chapter 2 Marketing, Producing, Monitoring and the Assignment of Principalship
Chapter 3 Marketing Ability, Personal Wealth and Capital-Hiring-Labour
Chapter 4 A General Equilibrium Entrepreneurial Model of the Firm
Chapter 5 Conclusions
References
Appendix 1: A Principal-agent Theory of Public Economy and Its Applications to China
Appendix 2: Decision Rights, Residual Claim and Performance: A Theory of How Chinese State-owned Enterprise Reform Works.

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