This paper proposes a theory that explains the nature of human capital ownership in the POEs, and argues that the institutional separation of de facto and de jure ownership of human capital from their owners is at the heart of the POE inefficiency. This institutional incompatibility has led to widespread phenomena of individuals using their de facto owned human capital to “capture” the benefits...

Human capital attainment among workers plays an important role in determining firm’s output and labor productivity, hence enhances firm’s competitiveness. More educated workers are believed to be more efficient and productive, reduce cost of production and raise the capability of firms to compete especially in the global market.. The intention of the Malaysian government to create the Bumiputer...

One feature common to many post-socialist transition economies is a relatively compressed wage structure in the state owned sector. We conjecture that this compressed wage structure creates weak incentives for work effort and worker skill acquisition and thus presents adverse consequences for the entire transition economy if a substantial portion of the labor force works in the state sector. We...

Monopoly is regulated in the regulation of State-Owned Enterprises (SOEs) as right to regulate (bestuur) all state resources mandated by constitution Article 33 1945 Constitution and also BUMN Law Number 19 2003 where one them a company that an entity government-owned business form limited liability company. The capital divided into wholly or at least 51 percent shares owned Republic Indonesia ...

We show that 70% of Chinese listed companies are ultimately controlled by government agencies, thereby indicating that state ownership remains widespread in China’s stock markets. Three questions are considered that are related to government control structures and their impact on firm value: (1) how do government agencies maintain their control of listed companies; (2) what are the impacts of d...

In the United States, customer owned firms are responsible for 35% of consumer insurance and 10% of consumer banking, yet receive little theoretical or empirical attention. In this paper, I propose a theory of internal finance for the customer owned firm. I show that its growth, pricing, and capital structure are tied together: higher sales tomorrow are achieved through higher prices today and ...