The investment, financing and control of the firm: a long-run survival view

Article Abstract:

Control of firms can be classified into three categories: (a) ownership and control is unified in a proprietorship, (b) control is exercised by professional managers while ownership resides with portfolio investors, and (c) inside stockholders exercise both control and ownership while outsiders are identified with investors. Investors want to maximize the market value of the firm's stock but those in control tend to emphasize the firm's long-run survival, an objective achieved with high growth rates and low debt-equity ratios.

Management, Economic aspects, Portfolio management, Investments, Investors

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Business groups and the determinants of corporate ownership

Article Abstract:

The internal fund allocation functions performed by large business groups significantly affect the structure of corporate ownership. Market allocation mechanisms are replaced by internal mechanisms in these organizations. Control of these firms by industrial owners forces the firms to put demands of substantial wealth on the residual claimants, which functions as a stimulus for the deconcentration of ownership. The phenomenon is significantly highlighted by the cases of the Italian manufacturing and mining sectors.

Italy, Economic policy, Property

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The coasean analysis of lighthouse financing: myths and realities

Article Abstract:

A study challenging the works of economist R.H. Coase, who had concluded that efficient privately financed lighthouse system would refute economists' traditional statements concerning the production of public goods, is presented.

England, Evaluation, Works, Public goods, Coase theorem, Coase, Ronald H.

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