The DOI matches its Crossref record; 27 of the 27 references it cites were found in a registry or an index.
Separation of Ownership and Control
Open accessAbstract
This paper analyzes the survival of organizations in which decision agents do not bear a major share of the wealth effects of their decisions. This is what the literature on large corporations calls separation of ownership and control. Such separation of decision and risk bearing functions is also common to organizations like large professional partnerships, financial mutuals and nonprofits. We contend that separation of decision and risk bearing functions survives in these organizations in part because of the benefits of specialization of management and risk bearing but also because of an effective common approach to controlling the implied agency problems. In particular, the contract structures of all these organizations separate the ratification and monitoring of decisions from the initiation and implementation of the decisions.
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Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
Jensen, M. C., & Meckling, W. H. (1976) · Journal of Financial Economics · doi:10.1016/0304-405x(76)90026-x · Cited by 71,491
Self-citationMarkets and Hierarchies: Analysis and Antitrust Implications.
O'Brien, D. P., & Williamson, O. E. (1976) · The Economic Journal · doi:10.2307/2230812 · Cited by 13,381
The Theory of Social and Economic Organization.
Delatour, G. S., Weber, M., Henderson, A. M., & Parsons, T. (1948) · American Sociological Review · doi:10.2307/2086579 · Cited by 11,300
Agency Problems and the Theory of the Firm
Fama, E. F. (1980) · Journal of Political Economy · doi:10.1086/260866 · Cited by 10,466
Self-citationProduction, Information Costs and Economic Organization
Alchian, A. A., & Demsetz, H. (1996) · Firms, Organizations and Contracts · doi:10.1093/oso/9780198774358.003.0005 · Cited by 9,565
The Modern Corporation and Private Property
Kline, J. V., Berle, A. A., & Means, G. C. (1933) · Columbia Law Review · doi:10.2307/1115736 · Cited by 7,361
Agency Problems and Residual Claims
Fama, E. F., & Jensen, M. C. (1983) · The Journal of Law and Economics · doi:10.1086/467038 · Cited by 4,827
Self-citationThe Visible Hand: The Managerial Revolution in American Business
Douglass, E. P., & Chandler, A. D. (1978) · The American Historical Review · doi:10.2307/1862020 · Cited by 4,538
The Architecture of Complexity
Simon, H. A. (1991) · Facets of Systems Science · doi:10.1007/978-1-4899-0718-9_31 · Cited by 4,433
Uncertainty, Evolution, and Economic Theory
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Research works printed but not linked: 4
- Alfred D Chandler, 1980, Managerial Hierarchies: Comparative Perspectives on the Rise of the Modern Industrial Enterprise
- Edward S Herman, 1969, Conflict of Interest in the Savings and Loan Industry. A Study of of the Savings and Loan Industry. I. Friend
- Adam Smith, 1776, The Wealth of Nations
- Howard P Stettler, 1977, Auditing Principles
Cited by
The experience and evolution of trust: Implications for cooperation and teamwork
Jones, G. R., & George, J. M. (1998) · The Academy of Management Review · doi:10.2307/259293 · Cited by 2,135
Gillan, S. L., & Starks, L. T. (2003) · SSRN Electronic Journal · doi:10.2139/ssrn.439500 · Cited by 697
Connecting the Dots: Bringing External Corporate Governance into the Corporate Governance Puzzle
Aguilera, R. V., Desender, K. A., Bednar, M. K., & Lee, J. H. (2015) · Academy of Management Annals · doi:10.1080/19416520.2015.1024503 · Cited by 502
Jensen, M., & Zajac, E. J. (2004) · Strategic Management Journal · doi:10.1002/smj.393 · Cited by 489
Self-citationDoes good corporate governance reduce information asymmetry around quarterly earnings announcements?
Kanagaretnam, K., Lobo, G. J., & Whalen, D. J. (2007) · Journal of Accounting and Public Policy · doi:10.1016/j.jaccpubpol.2007.05.003 · Cited by 395
Metadata
- Authors
- Fama, E. F., & Jensen, M. C.
- Venue
- SSRN Electronic Journal
- Publisher
- Elsevier BV
- Published
- 1998
- ISSN
- 1556-5068 (ISSN-L)
- OpenAlex
- W1983465456
- Cited by
- 848
- References
- 27
- Type
- posted content
- Language
- en
- Open access
- green
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Data sources
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.
