Spillovers, Investment Incentives and the Property Rights Theory of the Firm
研究了当经理的关系专用性投资在合作破裂时能被资产所有者部分占有时，企业的产权理论如何变化，并提出了关于一体化决定因素的新预测。
This paper examines the property rights theory of the firm when a manager's relationship‐specific investment can be partially appropriated by the owner of an asset even if cooperation breaks down. The investments of non owners may then be devalued, but are seldom wholly lost to the owner. With such spillovers, the outside‐option principle can be incorporated into the Grossman‐Hart‐Moore framework without implying that ownership demotivates. Enriched predictions on the determinants of integration emerge.