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The Distribution of Power Among Corporate Managers, Shareholders, and Directors


Michael C. Jensen


Social Science Electronic Publishing (SSEP), Inc.; Harvard Business School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

Jerold B. Warner


University of Rochester – Simon Business School

June 1, 1988

Journal of Financial Economics (JFE), Vol. 20, pp. 3-24, 1988
Michael C. Jensen, A THEORY OF THE FIRM: GOVERNANCE, RESIDUAL CLAIMES AND ORGANIZATIONAL FORMS, Harvard University Press, December 2000
Harvard NOM Working Paper No. 00-09

Abstract:     
This article surveys the seventeen papers in this special issue of the Journal of Financial Economics, and related work. The major findings are: (1) patterns of stock ownership by insiders and outsiders can influence managerial behavior, corporate performance, and stockholder voting in election contests; (2) corporate leverage, inside stock ownership by managers, and the control market are interrelated; (3) departures from one share/one vote affect firm value and efficiency; (4) takeover resistance through defensive restructurings or poison pill provisions is associated with declines in share price; and (5) top management turnover is inversely related to share price performance.

Number of Pages in PDF File: 27

Keywords: Agency Costs, Managerial Stock Ownership, Insiders, Outsiders, Control Market, Corporate Performance, One Share/One Vote, Restructuring, Poison Pill Provisions, Performance

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Date posted: October 11, 2000 ; Last revised: February 24, 2012

Suggested Citation

Jensen, Michael C. and Warner, Jerold B., The Distribution of Power Among Corporate Managers, Shareholders, and Directors (June 1, 1988). Journal of Financial Economics (JFE), Vol. 20, pp. 3-24, 1988; Michael C. Jensen, A THEORY OF THE FIRM: GOVERNANCE, RESIDUAL CLAIMES AND ORGANIZATIONAL FORMS, Harvard University Press, December 2000; Harvard NOM Working Paper No. 00-09. Available at SSRN: http://ssrn.com/abstract=173459 or http://dx.doi.org/10.2139/ssrn.173459

Contact Information

Michael C. Jensen (Contact Author)
Social Science Electronic Publishing (SSEP), Inc. ( email )
7858 Sanderling Road
Sarasota, FL 34242
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305 675-3166 (Fax)
HOME PAGE: http://ssrn.com/author=9

Harvard Business School ( email )
Soldiers Field
Negotiations, Organizations & Markets
Boston, MA 02163
United States
617-510-3363 (Phone)
305-675-3166 (Fax)
HOME PAGE: http://drfd.hbs.edu/fit/public/facultyInfo.do?facInfo=ovr&facId=6484
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
European Corporate Governance Institute (ECGI) ( email )
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
Jerold B. Warner
University of Rochester – Simon Business School ( email )
Carol Simon Hall 3-160H
Rochester, NY 14627
United States
585-275-2678 (Phone)
585-442-6323 (Fax)
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