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- All HBS Web (1,693)
- Faculty Publications (662)
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- Summer 2021
- Article
The Origin and Development of Firm Management
By: Michela Giorcelli
This paper examines the historical origin and diffusion of management practices. Despite their centrality in the modern world, the concepts of ‘management’ developed fairly recently. Only with the Industrial Revolution, due to the increased firm size, owners needed a... View Details
Keywords: Productivity; Kaizen; Management; Management Practices and Processes; History; Performance Productivity; Technology
Giorcelli, Michela. "The Origin and Development of Firm Management." Oxford Review of Economic Policy 37, no. 2 (Summer 2021): 259–275.
- Article
Agency Costs, Mispricing, and Ownership Structure
By: Sergey Chernenko, C. Fritz Foley and Robin Greenwood
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear all agency costs that they create and therefore have a strong incentive to minimize conflicts of interest with outside investors. We argue that if equity is... View Details
Keywords: Business and Shareholder Relations; Ownership; Conflict of Interests; Investment; Valuation
Chernenko, Sergey, C. Fritz Foley, and Robin Greenwood. "Agency Costs, Mispricing, and Ownership Structure." Financial Management 41, no. 4 (Winter 2012): 885–914.
- Book Review
Review of Corporate Governance and Firm Organization: Microfoundations and Structural Forms edited by Anna Grandori. Oxford University Press, 2004
By: A. Zelleke
Zelleke, A. "Review of Corporate Governance and Firm Organization: Microfoundations and Structural Forms edited by Anna Grandori. Oxford University Press, 2004." Corporate Governance 13, no. 4 (July 2005): 559–560.
- October 2004 (Revised July 2006)
- Background Note
Ownership Structure in Professional Service Firms: Partnership versus Public Corporation
By: Ashish Nanda
This case reviews the relative merits of partnership and public ownership structures in professional services firms. It also evaluates the various rationales for converting partnership professional services firms to publicly owned firms. Finally, the case highlights... View Details
Keywords: Private Ownership; Transition; Partners and Partnerships; Public Ownership; Service Industry
Nanda, Ashish, and Lauren Prusiner. "Ownership Structure in Professional Service Firms: Partnership versus Public Corporation." Harvard Business School Background Note 905-038, October 2004. (Revised July 2006.)
- 2015
- Working Paper
What Do Private Equity Firms Say They Do?
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey 79 private equity investors with combined assets under management (AUM) of over $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rate of return (IRR) and multiples to... View Details
Keywords: Governance; Value Creation; Private Equity; Capital Structure; Valuation; Management Practices and Processes
Gompers, Paul A., Steven N. Kaplan, and Vladimir Mukharlyamov. "What Do Private Equity Firms Say They Do?" Harvard Business School Working Paper, No. 15-081, April 2015.
- October 2003
- Article
The Determinants of Board Structure at the Initial Public Offering
By: Malcolm Baker and Paul Gompers
This paper describes board size and composition and investigates the role of venture capital in a sample of 1,116 firms' initial public offerings. First, firms backed by venture capital have fewer insider and instrumental directors and more independent... View Details
Keywords: Governing and Advisory Boards; Venture Capital; Initial Public Offering; Managerial Roles; Power and Influence
Baker, Malcolm, and Paul Gompers. "The Determinants of Board Structure at the Initial Public Offering." Journal of Law & Economics 46, no. 2 (October 2003): 569–598.
- October 2016
- Case
Supercell
By: William R. Kerr, Benjamin F. Jones and Alexis Brownell
Supercell is a young Finnish smartphone game company with an unusual team structure and company philosophy. It is already one of Finland’s most valuable companies, and despite being only six years old, it has put up some impressive numbers: as of 2016, it has released... View Details
Keywords: Supercell; Finland; Video Games; Firm Structure; Startups; Games, Gaming, and Gambling; Groups and Teams; Video Game Industry; Finland
Kerr, William R., Benjamin F. Jones, and Alexis Brownell. "Supercell." Harvard Business School Case 817-052, October 2016.
- 1981
- Chapter
Multinational Structural Change: Evolution versus Reorganization
By: C. A. Bartlett
Keywords: Multinational Firms and Management; Organizational Change and Adaptation; Organizational Structure
Bartlett, C. A. "Multinational Structural Change: Evolution versus Reorganization." In The Management of Headquarters-Subsidiary Relationships in Multinational Corporations, edited by Lars Otterbeck. London: Gower, 1981. (Also in The Internationalization of the Firm, edited by P. Buckley and P.G. Meer, Oslo: Norwegian University Press, 1991; and in The History of Management Thought, edited by P. Buckley, Ashgate, 2002.)
- August 2014
- Background Note
The Structure and Functioning of Art Markets
By: Mukti Khaire and Eleanor Kenyon
The production, valuation, and consumption of contemporary art are guided by cultural and economic forces that play out in primary and secondary markets. Artists seek the attention of art dealers, who, along with auction houses, play a large role in determining what is... View Details
Khaire, Mukti, and Eleanor Kenyon. "The Structure and Functioning of Art Markets." Harvard Business School Background Note 815-042, August 2014.
- October 2017
- Article
Toward a Prescriptive Theory of Dynamic Capabilities: Connecting Strategic Choice, Learning, and Competition
By: Gary P. Pisano
The field of strategy has mounted an enormous effort to understand, define, predict, and measure how organizational capabilities shape competitive advantage. While the notion that capabilities influence strategy dates back to the work of Andrews (1971, The Concept... View Details
Keywords: Business Admnistration; Market Structure; Firm Structure; Market Efficiency; Competency and Skills; Organizational Structure; Strategy
Pisano, Gary P. "Toward a Prescriptive Theory of Dynamic Capabilities: Connecting Strategic Choice, Learning, and Competition." Industrial and Corporate Change 26, no. 5 (October 2017): 747–762.
- 2011
- Working Paper
The Organization of Firms Across Countries
By: Nicholas Bloom, Raffaella Sadun and John Van Reenen
We argue that social capital as proxied by trust increases aggregate productivity by affecting the organization of firms. To do this we collect new data on the decentralization of investment, hiring, production, and sales decisions from Corporate Headquarters to local... View Details
Keywords: Geographic Location; Cross-Cultural and Cross-Border Issues; Multinational Firms and Management; Organizational Structure; Performance Productivity; Trust; Asia; Europe; United States
Bloom, Nicholas, Raffaella Sadun, and John Van Reenen. "The Organization of Firms Across Countries." Harvard Business School Working Paper, No. 12-005, August 2011. (Slides from 2008.)
- April 2011
- Article
Ownership Structure and the Cost of Corporate Borrowing
By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan
This article identifies an important channel through which excess control rights affect firm value. Using a new, hand-collected data set on corporate ownership and control of 3,468 firms in 22 countries during the 1996-2008 period, we find that the cost of debt... View Details
Keywords: Borrowing and Debt; Cash Flow; Cost; Financing and Loans; Governance Controls; Ownership Stake; Business and Shareholder Relations
Lin, Chen, Yue Ma, Paul Malatesta, and Yuhai Xuan. "Ownership Structure and the Cost of Corporate Borrowing." Journal of Financial Economics 100, no. 1 (April 2011): 1–23. (Lead Article. First Place Winner of the 2011 Jensen Prize for the Best Paper in the Areas of Corporate Finance and Organizations published in the Journal of Financial Economics.)
- October 2012 (Revised February 2013)
- Case
Innova Capital: The Transition
By: Josh Lerner and Ann Leamon
The partners at Innova Capital, a leading mid-market private equity investor in Poland, must negotiate a transition of power between the two ex-patriate founders and three talented young Polish partners. If they fail to find an accomodation, the entire firm will... View Details
Keywords: Firm Structure; Career Management; Emerging Market; Succession; Entrepreneurship; Private Equity; Venture Capital; Negotiation; Investment; Restructuring; Transition
Lerner, Josh, and Ann Leamon. "Innova Capital: The Transition." Harvard Business School Case 813-064, October 2012. (Revised February 2013.)
- 05 May 2014
- Working Paper Summaries
Firms and the Economics of Skilled Immigration
- 14 Sep 2011
- Working Paper Summaries
Ethnic Innovation and US Multinational Firm Activity
Keywords: by C. Fritz Foley & William R. Kerr
- July 2010 (Revised March 2013)
- Case
One Firm One Future at Davis Langdon (A)
By: Robert G. Eccles and Kaitlyn A. Simpson
Senior Partner Rob Smith just led construction consultancy firm Davis Langdon through a major organizational change in Europe and the Middle East. In the past, compensation arrangements had not incentivized partners to collaborate across the firm to serve clients'... View Details
Keywords: Profit Sharing; Global Strategy; Compensation and Benefits; Leading Change; Organizational Change and Adaptation; Partners and Partnerships; Cooperation; Expansion; Consulting Industry; Europe; Middle East
Eccles, Robert G., and Kaitlyn A. Simpson. "One Firm One Future at Davis Langdon (A)." Harvard Business School Case 411-006, July 2010. (Revised March 2013.)
- 2009
- Working Paper
India Transformed: Insights from the Firm Level 1988-2005
By: Laura Alfaro and Anusha Chari
Using firm-level data this paper analyzes, the transformation of India's economic structure following the implementation of economic reforms. The focus of the study is on publicly-listed and unlisted firms from across a wide spectrum of manufacturing and services... View Details
Keywords: Transformation; Economic Sectors; Economy; Governing Rules, Regulations, and Reforms; Growth and Development Strategy; India
Alfaro, Laura, and Anusha Chari. "India Transformed: Insights from the Firm Level 1988-2005." Harvard Business School Working Paper, No. 10-030, October 2009. (NBER Working Paper Series, No. 15448, October 2009.)
- Article
What Do Private Equity Firms Say They Do?
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey 79 private equity investors with combined assets under management (AUM) of over $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rate of return (IRR) and multiples to... View Details
Gompers, Paul A., Steven N. Kaplan, and Vladimir Mukharlyamov. "What Do Private Equity Firms Say They Do?" Journal of Financial Economics 121, no. 3 (September 2016): 449–476.
- 2021
- Working Paper
Governance Transparency and Firm Value: Evidence from Korean Chaebols
By: Akash Chattopadhyay, Sa-Pyung Sean Shin and Charles C.Y. Wang
We examine Korean business groups' transition from circular-shareholding structures to (relatively simple) pyramidal-shareholding structures between 2011 and 2018. When firms were removed from ownership loops, chaebol families' control or incentive conflicts in them... View Details
Keywords: Business Groups; Cross Shareholding; Circular Shareholding; Pyramidal Ownership; Governance Transparency; Ownership Transparency; Earnings Response Coefficient; Business Conglomerates; Corporate Governance; Valuation; Business Earnings
Chattopadhyay, Akash, Sa-Pyung Sean Shin, and Charles C.Y. Wang. "Governance Transparency and Firm Value: Evidence from Korean Chaebols." Harvard Business School Working Paper, No. 22-012, September 2021. (Revised November 2021.)
- 2009
- Article
India Transformed: Insights from the Firm Level 1988–2007
By: Laura Alfaro and Anusha Chari
Using firm-level data, this paper analyzes the transformation of India's economic structure following the implementation of economic reforms. The focus of the study is on publicly listed and unlisted firms from across a wide spectrum of manufacturing and services... View Details
Keywords: Financial Statements; Management Analysis, Tools, and Techniques; Transformation; Economics; Ownership; Assets; Sales; Profit; Stock Shares; Private Sector; Investment Return; Manufacturing Industry; Service Industry; India
Alfaro, Laura, and Anusha Chari. "India Transformed: Insights from the Firm Level 1988–2007." India Policy Forum 6 (2009). (Also NBER Working Paper w15448. Featured in The Economist. Economics focus. "Dancing elephants. Is Indian capitalism becoming oligarchic?" Jan 27th 2011.)