EMERGING FIRMS AND THE ALLOCATION OF CONTROL RIGHTS: A BAYESIAN APPROACH

• 成果类型: Article
• 署名作者: Alvarez, Sharon A.; Parker, Simon C.
• 署名单位: University System of Ohio; Ohio State University; Western University (University of Western Ontario); University Western Ontario Hospital
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• DOI: 10.5465/AMR.2009.36982616
• 发表日期: 2009
• 页码: 209-227
• 关键词: entrepreneurs; INFORMATION; entry; heuristics; creation; COSTS

摘要

This paper suggests that founders often use firm formation to exploit opportunities and must sometimes make organizing decisions about the allocation of control before the economic value of the opportunity can reliably be known even probabilistically. Motivated by questions surroundings such settings, we use incomplete contract theory and apply a Bayesian learning model to the allocation process of ownership control rights of founders in emerging firms. This model examines how founders learn and build on their prior beliefs, enabling them to allocate and change ownership control rights under differing conditions of risk and uncertainty.