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Is Common Stock Obsolete?

 

作者: EDWARD E. WILLIAMS,   M. CHAPMAN FINDLAY,  

 

期刊: Abacus  （WILEY Available online 1983）
卷期: Volume 19, issue 1  

页码: 39-55

 

ISSN:0001-3072

 

年代: 1983

 

DOI:10.1111/j.1467-6281.1983.tb00238.x

 

出版商: Blackwell Publishing Ltd

 

关键词: Agents;Stockholders;Companies

 

数据来源: WILEY

 

摘要:

Agency theory rests on a well‐defined relationship between shareholders and managers. That relationship is examined and found to be a poorly denned state‐contingent contract. The implications of that finding, and the existence of only a weak market for managers, lead to the conclusion that the traditional assumptions about the rights of shareholders no longer apply and that common stock (ordinary share capital) is obsol

 

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