boundaries of a firm by describing the critical role played by coordination in a vertical chain. An efficient market will render economic activity within the firm to be vertically integrated with other market firms. Yet many economic activities are still carried out within the firm. Coase (1937)1 in “The Nature of the Firm” raised this question on Transactional Cost Economics (TCE). This essay will explore the key characteristic of TCE‚ analyzing the vertical boundaries of a firm and examining
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Training and development is said to be beneficial for both firms and employees. Why then‚ are some organizations and individuals reluctant to invest in training? Introduction Employees training and development remains on of the paramount factors in conducting successful and competitiveness business in our rapid changing world. Despite this fact is accepted all over the world‚ there are companies which ignore providing their staff with training programs or seminars. Implementation of
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EVOLUTION OF THE FIRM In the 1840’s the firm was characterised by being family owned. Therefore businesses were small and widely dispersed. Businesses were limited by the infrastructure at the time – transportation was done mainly by sea; hence it was very slow‚ communication was also done by the same medium‚ financing was basically none existent because the banks did not want to take on what seemed at the time a risky venture. If loans were given it was based on personal relationships. There was
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paribus or ‘all other things being equal or held constant’ (Bierens and Swanson‚ 1998). Therefore‚ it could be said that not all economic theories may work successfully and could be subjected to unknown variables that may have an effect on consumers‚ firms and governments when applied to real world economics. A classic example of such theory can be observed with Karl Marx’s theory of value and surplus value which were primarily evident to overthrow capitalistic approaches to a free market economy into
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Is technology the basis of long-term national competitive advantage? Compare differences in the innovation systems of leading economies‚ industries and firms. (72%) 1. Introduction Technological developments have shaped our world since the beginning of civilization. In this report‚ by examining the important influences of technology and other factors which may also be powerful influences on human history‚ we will discuss whether technology is the basis of long-term national competitive advantage
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Explain analytically how trade unions can influence firm performance. How best should employers deal with trade unions? Introduction A trade union is an organisation of workers who have come together to achieve common goals such as increasing pay‚ increasing the number of employees which an employer hires‚ and improving working conditions. The trade union bargains with employers on behalf of all its members and negotiates labour contracts; the most common
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Corporate Tax‚ Cost of Debt‚ Cost of Equity and Capital Structure: A case study of REITs and conventional real estate firms in the UK University of Groningen Faculty of Economics and Business BSc International Business January 2013 Table of contents 1. Introduction 4 2. REITs 7 3. Literature Review 9 3.1 Capital Structure Irrelevance 9 3.2 Present Models 10 4. Data and Methodology 12 4.1 Regression 12 5. Findings and Discussion 16 6. Conclusion 20 7. Appendix
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International Tax and Estate Planning Law Firm of Cantor & Webb Shortlisted Among Finalists to Win Two Prestigious Industry Awards (1888 PressRelease) Cantor & Webb have been shortlisted for two highly desired industry accolades recognizing the "best of breed" in the private client industry for their demonstrated innovation and excellence during the 2013 year. Miami‚ Florida - Miami based international tax planning boutique law firm of Cantor & Webb (http://www.cantorwebb.com/) has
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publication will cover the skills the manager needs in order to be effective and how these possessed skills enhances organizational performance. It will also give impetus practical examples on how these skills are enforced and utilized in Zambian firms for instance‚ telecommunication’s company. 2.0 SKILLS REQUIRED FOR A MANAGER TO BE EFFECTIVE FOR AN ENHANCED ORGANISATIONAL PERFORMANCE Understanding what it takes to be a manager is not always easy. Many people- employers included- think that all
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Since the 12th century and the escalation of separate owner / managed business organizations‚ the assumption that firms maximises profits has been at the forefront of economic theory. Cyert and Hedrick (1972) stated:"The unmodified neoclassical approach is characterised by an ideal market with firms for which profit maximisation is the single determinant of behaviour. Thus predictions can readily be made by combining the description of the market with the results of maximisation of the relevant Lagrangian
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