Imprese non capitalistiche e diritti di proprietà

Hansmann's theory explains the success of the capitalist firm in terms of transaction costs, stating that the costs of ownership incurred by capitalists are lower than the bargaining costs that other stakeholder groups should bear for capital acquisition. The relative scarcity of companies owned by workers, on the other hand, is explained mainly by the heterogeneity of the interests of the workers present in a firm, which would lead to difficulties in adopting collective decisions, increasing the costs of ownership of this group of patrons. On the contrary, investor interests would be homogeneous in capitalist firms, because they simply aimed at maximizing the present value of their capital contributions.