| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27353 |
| 来源ID | Working Paper 27353 |
| Corporate Culture as a Theory of the Firm | |
| Gary B. Gorton; Alexander K. Zentefis | |
| 发表日期 | 2020-06-15 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Markets and firms offer contrasting methods to arrange production. In markets, contracts govern the purchase of parts and services that compose production. In firms, the shared values, customs, and norms coming from a corporate culture govern employees’ joint development of those parts and services. We argue for this distinction as a theory of the firm. Firms exist because corporate culture at times is more efficient at carrying out production than detailed contracts. The firm’s boundary encircles the parts of production for which a manager optimally chooses corporate culture as the organizing device. The model can explain why some mergers and acquisitions fail, in a way consistent with empirical evidence, and why corporate cultures are hard to change. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w27353 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585026 |
| 推荐引用方式 GB/T 7714 | Gary B. Gorton,Alexander K. Zentefis. Corporate Culture as a Theory of the Firm. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27353.pdf（742KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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