Optimality of the 51:49 equity structure

Susheng Wang; Tian Zhu

doi:10.1016/j.econlet.2016.07.003

Optimality of the 51:49 equity structure

Susheng Wang (First Author), Tian Zhu (Participant Author)

经济学

Hong Kong Univ Sci & Technol

科研成果: 期刊稿件 › 期刊论文

摘要

As an extension of Wang and Zhu (2005), this short paper shows that the popular 51:49 equity structure can be optimal. This equity structure in joint ventures (JVs) has puzzled economists the world over. We find that, when the two parties are highly asymmetric in their abilities to acquire private benefits from their JV, the 51:49 equity structure is optimal and as efficient as joint control.

源语言	英语
页（从-至）	270-273
期刊	Economics Letters
卷	145
DOI	https://doi.org/10.1016/j.econlet.2016.07.003
出版状态	已出版 - 2016

Corresponding author email

s.wang@ust.hk

关键词

51:49 equity structure
Control rights
Income rights
Joint control

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Scopus
SSCI

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10.1016/j.econlet.2016.07.003许可: CC BY-NC-ND

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KW - Income rights

KW - Joint control

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KW - Income rights

KW - Joint control

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Optimality of the 51:49 equity structure

摘要

Corresponding author email

关键词

成果物的来源

访问文件

OpenUrl 可用性

其它文件与链接

指纹

引用此