A Theory of the Firm
Governance, Residual Claims and Organizational Forms
By (author) Michael C. Jensen
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Theory of the Firm by Michael C. Jensen
Book DescriptionIn practice, shareholders delegate their control rights to a board of directors, who hire, fire and set the compensation of the chief officers of the firm. However, because agents have different incentives than the principals they represent, they can destroy corporate value unless closely monitored. This happened in the 1960s and led to hostile takeovers in the market for corporate control in the 1970s and 1980s. The author argues that the takeover movement generated increases in corporate efficiency that exceeded USD1.5 trillion and helped to lay the foundation for the great economic boom of the 1990s.
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Book DetailsISBN: 9780674012295
(235mm x 155mm x 19mm)
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 2-Sep-2003
Country of Publication: United States
Books By Author Michael C. Jensen
Moral Markets, Paperback (January 2008)
Argues that market exchange works only because most people, most of the time, act virtuously. This book shows how the rules of market exchange have evolved to promote moral behavior and how exchange itself may make us more virtuous. It examines the biological basis of economic morality and traces the connections between morality and markets.
Foundations of Organizational Strategy, Paperback (July 2001)» View all books by Michael C. Jensen
In this volume, Michael Jensen and his collaborators present the foundations of an integrated theory of organizations. The theory assumes for one that organizations are equilibrium systems that, like markets, can be influenced but cannot be told what to do.
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Author Biography - Michael C. Jensen
Michael C. Jensen is Jesse Isidor Straus Professor of Business Administration Emeritus, Harvard Business School.
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