Ownership and Governance of Enterprises Recent Innovative Developments

Conventional wisdom recommends the superiority of private ownership of enterprises. The reality confronts it with a rich diversity in ownership and governance structures. This volume examines five types of unorthodox ownership and governance form emerging in the industrial sector across major economies. It analyzes two cases to demonstrate that there are alternative ways to harden budget constraints of state-owned enterprises. It investigates the driving forces behind these evolving dynamics and explores policy implications for developing and transition economies.

List of Tables List of Figures Preface Acknowledgements List of Abbreviations Notes on the Contributors Adaptive Efficiency and the Evolving Diversity of Enterprise Ownership and Governance Forms: An Overview; L.Sun Institutional Investors, Corporate Ownership and Corporate Governance: Global Perspectives; S.L.Gillan & L.T.Starks New Institutional Arrangements for Product Innovation in Silicon Valley; H.Takizawa Sharing Ownership via Employee Stock Ownership; J.C.Sesil, D.L.Kruse & J.R.Blasi Hardening a Soft Budget Constraint through 'Upward Devolution' to a Supranational Institution: The Case of the European Union and Italian State-Owned Firms; E.Bertero & L.Rondi Evolving and Functioning Mechanisms of Employee Stock Ownership in China's Township and Village Enterprises; L.Sun Network Externalities and Cooperative Networks: Stylized Facts and Theory; S.C.Smith Network Externalities and Cooperative Networks: A Comparative Case Study of Mondragón and La Lega with Implications for Developing and Transitional Countries; S.C.Smith Index

ELISABETTA BERTERO Lecturer in the Department of Accounting and Finance, London School of Economics, UK JOSEPH BLASI Professor in the School of Management and Labour Relations, Rutger University STUART L. GILLAN Assistant Professor in the Department of Finance, University of Delaware, USA DOUGLAS L. KRUSE Professor in the School of Management and Labour Relations, Rutger University LAURA RONDI Senior Researcher for the Italian National Research Council, Economic Research Centre on Firms and Growth JAMES C. SESIL Assistant Professor in the School of Management and Labour Relations, Rutger University STEPHEN C. SMITH Professor in the Department of Economics, George Washington University, USA LAURA T. STARKS Charles E. and Sarach M. Seay Regents Chair in Finance, George Washington University, USA HIROKAZU TAKIZAWA Associate Professor, Faculty of Economics, Toyo University, and Faculty Fellow at the Research Institute of Economy, Trade and Industry, Tokyo, Japan