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Research Institute of Industrial Economics (IFN) Working Paper Series

No 207:
The Firm as a Competent Team

Gunnar Eliasson

Abstract: Results from empirical studies of firm behavior are synthesized into, a theory of the firm as a competent team. I demonstrate the existence of a tacit organizational competence exercising a leverage on the productivities of all other factors through selecting and allocating competent people, thus earning a monopoly rent in the capital market.

The competence identified can only be fairly compensated through sharing in firm value growth in the equity market, exhibiting undervaluation of prime assets. Policies aimed at firm efficiency should improve the market measurement function, including stimulating insiders to exhibit information through trades.

Keywords: Human capital; firm structure; factor compensation; efficiency; (follow links to similar papers)

JEL-Codes: D24; L23; (follow links to similar papers)

30 pages, December 1988, Revised February 1990

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