Modern Evidence on the Firm

  • Masten S
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Abstract

A commentary on the overall state of knowledge, particularly, the lessons that can be gleaned from the empirical literature about the relative usefulness of transaction-cost and agency theories of the firm and about the value of continued research on economic organization is presented. The literature on firm performance cannot sustain generalizations about the direction, much less the magnitude, of the effects of organizational form on performance. Overall, much more is known about the determinants of organizational form now than 20 years ago.

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