Resumen

HERNANDEZ, Iván. LEGAL FORM, INNOVATION AND PRODUCTIVITY OF FIRMS WITHIN COLOMBIAN MANUFACTURING INDUSTRY. Cuad. Econ. [online]. 2005, vol.24, n.42, pp.135-160. ISSN 0121-4772.

This paper studies the evolution of legal forms and its effects on innovation and productivity within Colombia’s manufacturing industry. The rise of a private legal structure is evidenced by the strategy of large and powerful conglomerates to increase their size and power by absorbing firms with a public setting. The paper argues that this institutional innovation is sub-optimal since adopting a private limited liability framework excludes intrapreneurial forces from access to ownership. This was the world that the classic political economy and scholars like Schumpeter were concerned with: one in which the institutional change would favour the divorce between ownership and entrepreneurship.

Palabras clave : entrepreneurship; business economics; economic systems.

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