Transcription of Theory of the Firm: Managerial Behavior, Agency Costs and ...
{{id}} {{{paragraph}}}
Example: biology
Theory of the Firm: Managerial Behavior, Agency Costs and ...
Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure Michael C. Jensen Harvard Business School And William H. Meckling University of Rochester Abstract This paper integrates elements from the Theory of Agency , the Theory of property rights and the Theory of finance to develop a Theory of the ownership structure of the firm. We define the concept of Agency Costs , show its relationship to the separation and control issue, investigate the nature of the Agency Costs generated by the existence of debt and outside equity, demonstrate who bears Costs and why, and investigate the Pareto optimality of their existence.
Journal of Financial Economics, October, 1976, V. 3, No. 4, ... Switzerland, June 1974, sponsored by the Center for Research in Government Policy and Business at the University of Rochester, Graduate School of Management. ... an approach similar to the one we embark on in this paper in his review of the theory of the firm and the law.
Tags:
Information
Domain:
Source:
Link to this page:
Please notify us if you found a problem with this document: