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By Mary O'Sullivan

The writer analyzes methods to working businesses: maximizing shareholder price or appearing to serve stakeholders. She bases her arguments at the hyperlink among company governance and fiscal functionality in money owed of company progress within the US and Germany during the last century.

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Extra info for Contests for Corporate Control: Corporate Governance and Economic Performance in the United States and Germany

Sample text

The significance of asset specificity from Williamson's point of view is that when transactions are supported by investments in durable, transaction-specific assets, the parties to the transaction experience 'lock-in' effects. Thus a fundamental transformation occurs so that a condition of bilateral supply results from investments in specific assets even if, at the outset, a large-numbers bidding condition prevailed: '[flaceless contracting is thereby supplanted by contracting in which the pairwise identity of the parties matters' (Williamson 1985: 62).

Finally, resources are required to give learners incentives to devote their effort, experience, and creativity to the learning process. That innovation is collective, cumulative, and uncertain implies that resources are allocated to innovation through a process that is, at once, (1) developmental—resources must be committed to irreversible investments with uncertain returns; (2) organizational—returns are 2 The terminology of'productive'and 'competitive' uncertainty comes from Lazonick (1991: 199-202).

The synthesis that, at least in the early decades of neoclassical economics, was to become the most widely accepted of the attempts to generalize price theory to incorporate production was Alfred Marshall's integration of the concept of the supply curve, based on marginal productivity analysis, into the theory of market exchange. In contrast to many of the marginalists, who tended to be hostile to classical theories of production, Marshall seemed, with the introduction of the supply curve, to retain the classical concern with production.

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