"The corporation as an organizational form is an enormously productive social invention. Partly because of its success it is under increasing attack from various quarters, often under the guise of “protecting” investors from self-interested managers. Some of these attacks are successful simply because the corporation is a poorly understood entity. This paper discusses what the corporation is, what it is not, and how certain misconceptions about the corporate form are fostered by its critics as part of their attack."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Academics from the United StatesEconomists from the United StatesBusiness theorists from the United StatesHarvard University facultyPeople from Minnesota
Original Language: English
Available Languages (1)
Sources
William H. Meckling and Michael C. Jensen, 'Reflections on the Corporation as a Social Invention,' in Controlling the Giant Corporation: A Symposium(Center for Research in Government Policy and Business, Graduate School of Management, University of Rochester, 1982
https://en.wikiquote.org/wiki/Michael_C._Jensen
Revision History
No revisions have been submitted for this quote.
Categories
Michael C. Jensen
Michael Cole (Mike) Jensen (November 30, 1939 – April 2, 2024) was an American economist, and Emeritus Professor of Business Administration at , who works in the area of .
8 quotes on TrueQuotesView all quotes by Michael C. Jensen →
Related Quotes
"It is traditional in the theory of the firm to define the production opportunity set available to the firm in terms o…"
"A major social problem we face today is how to control the political process that is eroding the free enterprise mark…"
"This paper analyzes the relations between knowledge, control and organizational structure both in the market system a…"
"This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to …"
"We define an agency relationship as a contract under which one or more persons (the principal(s)) engage another pers…"
"We define agency costs as the sum of:"
"Most organisations firms are simply legal fictions which serve as a nexus for a set of contracting relationships amon…"
"Would you end war? Create great Peace."
"To be a god First I must be a god-maker: We are what we create."
"Hearts starve as well as bodies: Give us Bread, but give us Roses."