Ownership as a Bundle of Rights: Antecedents of the Wedge Between Control and Cash-Flow Rights Within Firms

The authors are grateful to Joe Clougherty, Javier Gimeno, Aseem Kaul, Maciej Workiewicz, Tieying Yu, Maggie Zhou, Editor Tobias Kretschmer, and three anonymous reviewers along with seminar participants at the Nova School of Business and Economics, Singapore Management University, the University of Illinois at Urbana–Champaign, and the University of Michigan for their valuable comments and suggestions. The authors also appreciate the insights provided by attendees at the Academy of Management Annual Meeting and the Wharton Corporate Strategy & Innovation Conference. Both authors contributed equally to this article.