MACMILLAN Ownership and Governance of Enterprises: Recent Innovative Developments (Studies in Development Economics and Policy)

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. Review 'This book, edited by Laixiang Sun, has evidently analyzed and compared emerging unorthodox ownership and governance structures in a knowledge intensive, informative and insightful format and has been designed in an elegant and accessible way towards both specialists and non-specialists. These works contain up-to-date case studies, development assessments, policy analyses, and literature reviews, and will be of interest to various business people, policy-consultants, regulators, policy-makers and scholars.' - Larry H.P. Lang, Chair Professor of Finance, Chinese University of Hong Kong and Cheung Kong Graduate School of Business in Beijing 'In the main the conventional wisdom predicts an economic landscape in which key institutional arrangements surrounding enterprises are expected to be fairly homogeneous and stable. The existence and evolution of diverse ownership configurations and varying forms of corporate governance in firms around the world presents enormous challenges to this view. This stimulating volume examines several interesting examples of 'real world heterogeneity' including the Mondragon Cooperative Consortium, U.S. ESOPs and Chinese TVEs. The volume provides rich institutional detail that meshes well with an eclectic theoretical framework. Students of the modern enterprise and policy makers in the fields of development and transition will find much thought-provoking material in this well-written and accessible volume.' - Derek C. Jones, Irma M. and Robert D. Morris Professor of Economics, Hamilton College, Clinton, NY and Research Fellow, Davidson Institute, University of Michigan About the Author 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