04279oam 22012254 450 991078822790332120230721045730.01-4623-1742-11-282-84402-497866128440271-4527-2181-51-4518-7340-9(CKB)3170000000055339(SSID)ssj0000941491(PQKBManifestationID)11577297(PQKBTitleCode)TC0000941491(PQKBWorkID)10982268(PQKB)10134096(OCoLC)649466035(MiAaPQ)EBC1608810(IMF)WPIEE2009193(EXLCZ)99317000000005533920020129d2009 uf 0engurcn|||||||||txtccrInstitutional Inertia /Laura ValderramaWashington, D.C. :International Monetary Fund,2009.25 pIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1764-3 Includes bibliographical references.We study the relative efficiency of outside-owned versus employee-owned firms and analyze implications for institutional change in a context of technological innovation. When decisions are made through majority voting, the vote on technology choice is used to influence the later vote on the sharing rule. We show how this dynamic voting generates a systematic technological bias that is contingent on firm ownership. We provide conditions under which the pivotal voter's political leverage leads the firm to an institutional trap whereby majority voting and inefficient technology choice reinforce each other, leading to institutional inertia.IMF Working Papers; Working Paper ;No. 2009/193Technological innovationsIndustrial managementInvestments: MetalsimfLaborimfProduction and Operations ManagementimfInnovationimfResearch and DevelopmentimfTechnological ChangeimfIntellectual Property Rights: GeneralimfMacroeconomics: ProductionimfMetals and Metal ProductsimfCementimfGlassimfCeramicsimfHuman CapitalimfSkillsimfOccupational ChoiceimfLabor ProductivityimfWages, Compensation, and Labor Costs: GeneralimfTechnologyimfgeneral issuesimfMacroeconomicsimfLabourimfincome economicsimfInvestment & securitiesimfProductivityimfGoldimfHuman capitalimfWagesimfIndustrial productivityimfUnited StatesimfTechnological innovations.Industrial management.Investments: MetalsLaborProduction and Operations ManagementInnovationResearch and DevelopmentTechnological ChangeIntellectual Property Rights: GeneralMacroeconomics: ProductionMetals and Metal ProductsCementGlassCeramicsHuman CapitalSkillsOccupational ChoiceLabor ProductivityWages, Compensation, and Labor Costs: GeneralTechnologygeneral issuesMacroeconomicsLabourincome economicsInvestment & securitiesProductivityGoldHuman capitalWagesIndustrial productivityValderrama Laura1481162International Monetary Fund.DcWaIMFBOOK9910788227903321Institutional Inertia3741583UNINA