Internal Market Failure: A Framework for Diagnosing Firm Inefficiency*
借鉴市场失灵和政府失灵理论，分析企业内部因公共品、外部性、信息不对称等造成的低效率，并提出通用解决方案，对管理者提升效率、股东和董事会改善治理有参考价值。
ABSTRACT The theory of market and government failure can be used to diagnose inefficiency within firms and to identify strategies to deal with these problems. Internal market failures (IMFs) – internal public good problems, internal negative and positive externalities, internal information asymmetries, internal monopolies, the presence of uncertainty – create inefficiencies within firms just as they do in normal markets. As well, self‐interested behaviour by executives and internal interest groups (rent‐seeking) are analogous to government, or governance, failures (IGFs). Associated with many of these internal market failure problems are generic solutions that can usefully inform executives in their efforts to improve efficiency within the firm. Internal governance failures, in contrast, normally require action by shareholders and boards of directors.