The determinants of organizational form changes: evidence and implications from real estate
研究房地产企业组织形态变化（如从严格到灵活结构）如何影响盈利能力、自由现金流、债务、股利和投资政策，发现困境企业转向灵活结构后改善业绩，健康企业转向严格结构后减少自由现金流并提高盈利。
We study changes in the real estate industry among organizational forms with varying degrees of restrictiveness and document the associated changes in profitability, free cash flow, debt, dividends, and investment policies. All troubled firms in our sample move to a more flexible organizational structure, with subsequent reductions in dividends, improvements in performance, and increases in asset sales and investments. Healthy firms that move to a tighter structure have larger free cash flows before the change; they increase dividends, reduce free cash flows and improve profitability after the change. We document evidence of tax considerations in organizational changes.