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Institution

London School of Economics and Political Science

EducationLondon, United Kingdom
About: London School of Economics and Political Science is a education organization based out in London, United Kingdom. It is known for research contribution in the topics: Population & Politics. The organization has 8759 authors who have published 35017 publications receiving 1436302 citations.


Papers
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Journal ArticleDOI
TL;DR: In this article, the authors investigate the impact of market-supporting institutions on business strategies by analyzing the entry strategies of foreign investors entering emerging economies and show how resource-seeking strategies are pursued using different entry modes in different institutional contexts.
Abstract: We investigate the impact of market-supporting institutions on business strategies by analyzing the entry strategies of foreign investors entering emerging economies. We apply and advance the institution-based view of strategy by integrating it with resource-based considerations. In particular, we show how resource-seeking strategies are pursued using different entry modes in different institutional contexts. Alternative modes of entry—greenfield, acquisition, and joint venture (JV)—allow firms to overcome different kinds of market inefficiencies related to both characteristics of the resources and to the institutional context. In a weaker institutional framework, JVs are used to access many resources, but in a stronger institutional framework, JVs become less important while acquisitions can play a more important role in accessing resources that are intangible and organizationally embedded. Combining survey and archival data from four emerging economies, India, Vietnam, South Africa, and Egypt, we provide empirical support for our hypotheses.

1,626 citations

Journal ArticleDOI
TL;DR: Outliers in Statistical Data, 3rd edition by V. Barnett and T. Lewis.
Abstract: 2. Outliers in Statistical Data, 3rd edn. By V. Barnett and T. Lewis. ISBN 0 471 93094 6. Wiley, Chichester, 1994. 602 pp. £49.95.

1,619 citations

Journal ArticleDOI
TL;DR: In this paper, it was shown that the optimal, incentive-compatible debt contract is the standard debt contract and that the second-best level of investment never exceeds the first-best and is strictly less when there is a positive probability of costly bankruptcy.
Abstract: In a simple model of borrowing and lending with asymmetric information we show that the optimal, incentive-compatible debt contract is the standard debt contract. The second-best level of investment never exceeds the first-best and is strictly less when there is a positive probability of costly bankruptcy. We also compare the second-best with the results of interest-rate-taking behaviour and consider the effects of risk aversion. Finally we provide conditions under which increasing the borrower's initial net wealth must reduce total investment in the venture. A great deal of effort has recently gone into the study of implicit contract models (ICM) in an attempt to explain the failure of competitive labour markets to generate efficient levels of employment. (See Hart, 1983, for a survey of this work and further references). Relatively little attention has been given to the theoretical analysis of capital market imperfections, a phenomenon we believe to be at least as important as labour market imperfections when it comes to explaining the inefficient use of resources, including "unemployment". In this paper we seek to fill this gap by analysing a model of credit contracts between firms that need outside finance in order to operate efficiently on the one hand and the institutions that provide the money on the other. We were led to this problem by our current interest in the question of what is the firm's budget constraint? In economies with complete markets, of course, this question does not arise in a meaningful form. But when markets are incomplete the firm does face a budget constraint of some sort at each date and the form of this constraint may crucially affect its behaviour. There is no intrinsic virtue in a budget constraint which requires the firm to repay all debts with probability one and, in fact, most legal systems allow for some insurance, in the form of bankruptcy, against low income states. Perhaps the central message of our work is simply that the question of the firm's budget constraint should be formulated as a contract problem. And under certain conditions, the form of the optimal budget constraint is the same as the standard debt contract with bankruptcy. But there is more to the analysis than that. We are naturally interested not only in the shape of the firm's budget constraint but also in its position. In other words, is there credit-rationing?

1,599 citations

Journal ArticleDOI
TL;DR: The digital-era governance (DEG) movement as mentioned in this paper aims to reintegrate functions into the governmental sphere, adopting holistic and needs-oriented structures, and progressing digitalization of administrative processes.
Abstract: The "new public management" (NPM) wave in public sector organizational change was founded on themes of disaggregation, competition, and incentivization. Although its effects are still working through in countries new to NPM, this wave has now largely stalled or been reversed in some key "leading-edge" countries. This ebbing chiefly reflects the cumulation of adverse indirect effects on citizens' capacities for solving social problems because NPM has radically increased institutional and policy complexity. The character of the post-NPM regime is currently being formed. We set out the case that a range of connected and information technology-centered changes will be critical for the current and next wave of change, and we focus on themes of reintegration, needs-based holism, and digitization changes. The overall movement incorporating these new shifts is toward "digital-era governance" (DEG), which involves reintegrating functions into the governmental sphere, adopting holistic and needs-oriented structures, and progressing digitalization of administrative processes. DEG offers a perhaps unique opportunity to create self-sustaining change, in a broad range of closely connected technological, organizational, cultural, and social effects. But there are alternative scenarios as to how far DEG will be recognized as a coherent phenomenon and implemented successfully.

1,586 citations


Authors

Showing all 9081 results

NameH-indexPapersCitations
Ichiro Kawachi149121690282
Amartya Sen149689141907
Peter Hall132164085019
Philippe Aghion12250773438
Robert West112106153904
Keith Beven11051461705
Andrew Pickles10943655981
Zvi Griliches10926071954
Martin Knapp106106748518
Stephen J. Wood10570039797
Jianqing Fan10448858039
Timothy Besley10336845988
Richard B. Freeman10086046932
Sonia Livingstone9951032667
John Van Reenen9844040128
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
2023135
2022457
20212,030
20201,835
20191,636
20181,561