Articles

Discouraging Rivals: Managerial Rent-Seeking and Economic Inefficiencies

Stiglitz, Joseph E.

Managerial theories of the firm have a long and controversial history, beginning perhaps with Adolf A. Berle, Jr. and Gardiner C. Means's classic (1932) study. Such theories postulated that managers had considerable discretion running corporations and exercised it to pursue objectives other than maximizing shareholder market value.

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American Economic Review

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Economics
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April 18, 2013