Is Public Ownership Bad for Professional Service Firms? Ad Agency Ownership, Performance, and Creativity
研究用广告代理公司面板数据发现，公有制对小公司绩效不利，但对大公司无影响，且与创造力无关，挑战了专业服务公司所有权的现有理论。
Does public ownership create negative consequences for professional service firms by reducing employee incentives? This question was addressed with a panel of advertising agencies. Public ownership was associated with inferior performance for small agencies but not for large agencies, and there was no association between ownership and agency creativity, indicating that public ownership did not preclude agencies from competing with strategies requiring highly skilled professionals. The results challenge existing theories about the ownership of professional service firms.