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La empresa, el capital social y el capital humano bajo contratos incompletos
Paula A. Cohen and Miguel A. García Cestona |
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The ownership of physical assets has been used as a mechanism to solve both coordination and motivation problems inside the firm. It has also been used to explain the boundaries of the firm. Recent studies show that human assets have increased their importance respect to physical assets. This new scheme generates new queries about ownership, boundaries of the firm and the relationship between shareholders and workers. We include the social capital concept and the possibility that shareholders give power to the employees in order to motivate them to generate more investments in human capital. We develop a basic model of investments which includes social capital investments and the existence of workers who invest in specific human capital but also those workers who invest in general human capital. This facilitates the creation of additional human capital and higher levels of individual productivity. Higher total productivity and additional wealth follow.
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