Entrepreneurship and the Legal Form of the Business : The Role of Differences in Beliefs
Gutiérrez Arnaiz, Óscar (Universitat Autònoma de Barcelona)
Ortín Ángel, Pedro (Universitat Autònoma de Barcelona)

Fecha: 2016
Resumen: Entrepreneurship has been considered a way to implement interpersonal authority, i. e. , to convince other persons to use their resources in an alternative way to the optimal one in accordance with their beliefs. This paper presents a theoretical model that relates the above assumption with the following two questions: (i) how and why financial constraints can prevent the implementation of entrepreneurial projects; and (ii) how creditors' priorities provided by the different legal forms of the business can reduce the financial requirements for implementing the firm. The attractiveness of such an explanation lies in its capacity to justify a wide array of features of firms (entrepreneur origin, property rights, authority, financial constraints and creditor priorities) from a single basic assumption: agents have different beliefs about how production should be organized.
Nota: Número d'acord de subvenció MINECO/ECO2013-48496-C4
Derechos: Tots els drets reservats.
Lengua: Anglès
Documento: article ; recerca ; acceptedVersion
Materia: Emprenedoria ; Entrepreneurship ; Beliefs ; Credit constraints ; Creditors' priorities ; Legal form
Publicado en: Review of law and economics, Vol. 12, Num. 1 (2016) , p. 119-151, ISSN 1555-5879

Adreça original: https://www.degruyter.com/view/journals/rle/12/1/article-p119.xml?language=en
Adreça alternativa: https://www.degruyter.com/view/j/rle.2016.12.issue-1/rle-2014-0027/rle-2014-0027.xml?format=INT


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