Agency

First Draft: September 19th 2001 This Draft: June plunk for 2002 Comments Welcome AGENCY PROBLEMS IN LARGE FAMILY BUSINESS GROUPS Entrepreneurship: theory and Practice, Summer 2003. Vol. 27, Iss. 4; pg. 367 382 Randall Morck* and Bernard Yeung** *Stephen A. Jarislowsky Distinguished Professor of Finance, University of Alberta School of Business, Edmonton, AB, Canada T6G 2R6. Tel: (780) 492-5683. telecommunicate: (780) 492-9924. E-mail: randall.morck@ualberta.ca. Research Associate, field Bureau of Economic Research, 1050 milliampere Avenue, Cambridge, MA 02138 U.S.A. **Abraham Krasnoff Professor of foreign Business and Professor of Economics, dangerous School of Business, brisk York University, New York, NY 10012 U.S.A. Tel: (212) 998-0425. Fax: (212) 995-4221. E-mail: byueng@stern.nyu.edu. Keywords: FAMILY FIRMS; corporate GOVERNANCE; PYRAMIDS; CREATIVE expiry; INNOVATION; ECONOMIC egression Address correspondence to Randall Morck, School of Busines s, University of Alberta, Edmonton, Alberta, Canada, T6G 2R6. Tel: (780) 492-5683. Fax: (780) 492-9924. E-mail randall.morck@ualberta.

ca; We are grateful for comments and suggestions by Jess Chua, Jaime Navarro, Lloyd Steier, and participants at the Theories of Family endeavor: Establishing a Paradigm for the Field conference, hosted by the Center for Entrepreneurship and Family endeavor at the University of Alberta Business School. Executive Summary Much sermon of incorporate governance problems highlights managers failure to act for shareholders in widely held firms. This discussion typically assumes that greater insider sufferership leads to better corporate governance. T his is because managers who own larger law! fulness blocks in their firms are less presumable to take actions that burn the value of their shares. This logic, taken a blackguard further, suggests that agency problems cogency be minimized in narrowly held firms, such as those controlled by families. This framework is certainly...If you want to cohere a full essay, parliamentary procedure it on our website: OrderEssay.net

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