 |
|
|
Item Details
| Title:
|
A THEORY OF THE FIRM
GOVERNANCE, RESIDUAL CLAIMS AND ORGANIZATIONAL FORMS |
| By: |
Michael C. Jensen |
| Format: |
Paperback |
| List price:
|
£30.95 |
| Our price: |
£24.14 |
| Discount: |
|
| You save:
|
£6.81 |
|
|
|
|
|
| ISBN 10: |
0674012291 |
| ISBN 13: |
9780674012295 |
| Availability: |
Usually dispatched within 1-3 weeks.
 Delivery
rates
|
| Stock: |
Currently 0 available |
| Publisher: |
HARVARD UNIVERSITY PRESS |
| Pub. date: |
2 September, 2003 |
| Pages: |
323 |
| Description: |
This collection examines the forces, both external and internal, that lead corporations to behave efficiently and to create wealth. |
| Synopsis: |
This collection examines the forces, both external and internal, that lead corporations to behave efficiently and to create wealth. Corporations vest control rights in shareholders, the author argues, because they are the constituency that bears business risk and therefore has the appropriate incentives to maximize corporate value. Assigning control to any other group would be tantamount to allowing that group to play poker with someone else's money, and would create inefficiencies. The implicit denial of this proposition is the fallacy of the so-called stakeholder theory of the corporation, which argues that corporations should be run in the interests of all stakeholders. This theory offers no account of how conflicts between different stakeholders are to be resolved, and gives managers no principle on which to base decisions, except to follow their own preferences. In 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 $1.5 trillion and helped to lay the foundation for the great economic boom of the 1990s. |
| Illustrations: |
13 line illustrations, 9 tables |
| Publication: |
US |
| Imprint: |
Harvard University Press |
| Returns: |
Returnable |
|
|
|
 |
|
|
|
|
|
Little Worried Caterpillar (PB)
Little Green knows she''s about to make a big change - transformingfrom a caterpillar into a beautiful butterfly. Everyone is VERYexcited! But Little Green is VERY worried. What if being a butterflyisn''t as brilliant as everyone says?Join Little Green as she finds her own path ... with just a littlehelp from her friends.
|
|
All the Things We Carry PB
What can you carry?A pebble? A teddy? A bright red balloon? A painting you''ve made?A hope or a dream?This gorgeous, reassuring picture book celebrates all the preciousthings we can carry, from toys and treasures to love and hope. With comforting rhymes and fabulous illustrations, this is a warmhug of a picture book.
|
|
|
|