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Cited by 10,466

The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.

Agency Problems and the Theory of the Firm

Fama, Eugene F.·1980·Journal of Political Economy
DOI 10.1086/260866
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Abstract

This paper attempts to explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization. We first set aside the presumption that a corporation has owners in any meaningful sense. The entrepreneur is also laid to rest, at least for the purposes of the large modern corporation. The two functions usually attributed to the entrepreneur--management and risk bearing--are treated as naturally separate factors within the set of contracts called a firm. The firm is disciplined by competition from other firms, which forces the evolution of devides for efficiently monitoring the performance of the entire team and of its individual members. Individual participants in the firm, and in particular its managers, face both the discipline and opportunities provided by the markets for their services, both within and outside the firm.

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Metadata

Authors
Fama, E. F.
Venue
Journal of Political Economy
Publisher
University of Chicago Press
Published
1980-04
Volume
88
Issue
2
Pages
288-307
ISSN
  • 0022-3808 (ISSN-L)
  • 1537-534X
DOI
10.1086/260866
OpenAlex
W2160184254
Cited by
10,466
References
1
FWCI
227.75
Type
journal article
Language
en
Open access
closed

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.