Corporations

8 Pages Posted: 25 Jan 2006

See all articles by Randall Morck

Randall Morck

University of Alberta - Department of Finance and Statistical Analysis; National Bureau of Economic Research (NBER); European Corporate Governence Institute; Asian Bureau of Finance and Economic Research

Date Written: January 2006

Abstract

A corporation is an artificial person created for an economic purpose, as described in various aspects of the Theory of the Firm. Recent historical and comparative research shows that corporations in most countries come in groups, each controlled by a single principal. This has implications for various "theories of the firm". The perception that firms ought to be run to maximize shareholder value, though commonplace in financial economics, is also problematic in application.

Suggested Citation

Morck, Randall K., Corporations (January 2006). Harvard Institute of Economic Research Discussion Paper No. 2101. Available at SSRN: https://ssrn.com/abstract=878093 or http://dx.doi.org/10.2139/ssrn.878093

Randall K. Morck (Contact Author)

University of Alberta - Department of Finance and Statistical Analysis ( email )

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National Bureau of Economic Research (NBER)

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European Corporate Governence Institute ( email )

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Asian Bureau of Finance and Economic Research ( email )

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Singapore

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