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Can the Corporation Survive?Michael C. JensenHarvard Business School; Social Science Electronic Publishing (SSEP), Inc.; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI) William H. MecklingSimon School, University of Rochester (Deceased) January 30, 1978 Financial Analysts Journal, Vol. 31, No. 1, pp. 31-37, January/February 1978 Harvard Business School NOM Unit Working Paper No. 1978 Abstract: One of the tactics politicians use in their quest for power is to draw a false distinction between human rights and property rights. Property rights are, in the last analysis, rights of individuals. As investors, who have a direct stake in the property rights of corporation, become less certain that society will honor those rights, the capitalized values of corporate securities will erode - ultimately to the point that many corporations will be able to remain in business only so long as they can finance their operations from internally generated cash flow or public subsidy.
Number of Pages in PDF File: 19 Keywords: Rights, regulation, private enterprise, contracts, rights, regulation, private enterprise, contracts Accepted Paper SeriesDate posted: May 15, 2001 ; Last revised: May 18, 2013Suggested CitationContact Information
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