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Theory of the Firm: Managerial Behavior, Agency Costs and ...
©1976 Jensen and Meckling Journal of Financial Economics, October, 1976, V. 3, No. 4, pp. 305-360. ... to meet the relevant marginal conditions with respect to inputs and outputs, thereby maximizing profits, or more accurately, present value. Except for a few recent and tentative steps, however,
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