Start - up entry strategies : Employer vs .
نویسندگان
چکیده
Casual observation points to a broad variety of internal organizations of newborn ...rms. For instance, many start-up ...rms are owned and managed by their founders who are simultaneously the employees. These belong to the category of so-called Nonemployer ...rms, according to US Bureau of Census nomenclature. The internal organization of a start-up Nonemployer, belonging to the subcategory of Partnerships, seems to closely mimick the behavior of a Labor Managed ...rm due to the coincidence between the owners and the employees. As a consequence the entry decision of a Nonemployer-Partnership start-up should closely resemble that of a cooperative ...rm rather than that of a pro...t-value maximizing ...rm owned by external shareholders. Recent literature has emphasized that ...rms enter a market and/or undertake a decision to make an irreversible investment only if market prices are strictly larger than average total costs. However, the trigger price that makes ...rms become active may change according to institutional rules, the existence of pro...t sharing, e¢ciency wages, exit options i.e. partial reversibility-, ...nancial constraints and so on. Adopting a continuous time stochastic dynamic model where entry is modeled ¤We acknowledge the ...nancial support by the Universities of Brescia and Bologna under the 60% scheme. yUniversity of Brescia, Department of Economics, via S.Faustino 74/b, Brescia, Italy, [email protected] zUniversity of Bologna, Department of Economics, Strada Maggiore 45, Bologna, Italy, [email protected]
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تاریخ انتشار 2004