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Cited by 8,528

The DOI matches its Crossref record.

The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems

JENSEN, MICHAEL C.·1993·The Journal of Finance
DOI 10.1111/j.1540-6261.1993.tb04022.x
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Abstract

Since 1973 technological, political, regulatory, and economic forces have been changing the worldwide economy in a fashion comparable to the changes experienced during the nineteenth century Industrial Revolution. As in the nineteenth century, we are experiencing declining costs, increasing average (but decreasing marginal) productivity of labor, reduced growth rates of labor income, excess capacity, and the requirement for downsizing and exit. The last two decades indicate corporate internal control systems have failed to deal effectively with these changes, especially slow growth and the requirement for exit. The next several decades pose a major challenge for Western firms and political systems as these forces continue to work their way through the worldwide economy.

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Metadata

Authors
JENSEN, M. C.
Venue
The Journal of Finance
Publisher
Wiley
Published
1993-07
Volume
48
Issue
3
Pages
831-880
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1993.tb04022.x
OpenAlex
W3021889044
Cited by
8,528
References
0
FWCI
197.80
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.