Jensen and Meckling at 50

• 成果类型: Article
• 署名作者: Bolton, Patrick
• 署名单位: Imperial College London
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104116
• 发表日期: 2025
• 关键词: agency costs; capital structure; limited liability; corporate governance

摘要

This article does three things: (1) it offers a slightly modernized treatment of the two well-known agency costs of external financing of Jensen and Meckling; (2) it provides a deeper exploration than they offer of the limited liability corporation, and of optimal control allocations when financial contracts are incomplete; and, (3) it assesses the lasting influence or their ideas, their multiple interpretations, as well as misinterpretations.