Optimality of the 51:49 equity structure

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

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
145
DOI
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

成果物的来源

  • ABDC-A
  • Scopus
  • SSCI

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