The lessons of Michael C. Jensen

• 成果类型: Article
• 署名作者: Stulz, Rene M.
• 署名单位: University System of Ohio; Ohio State University; European Corporate Governance Institute
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104118
• 发表日期: 2025
• 关键词: agency costs; MANAGERIAL OWNERSHIP; free cash flow; governance; Jensen's alpha

摘要

This paper assesses the contributions of Michael C. Jensen to financial economics and to American business. His work on agency theory is the cornerstone of modern corporate finance. He influenced how American business operates by helping make the internal and external governance of firms more efficient. He changed how knowledge in financial economics is diffused both through the founding of the Journal of Financial Economics and of the Social Science Research Network. I question the claim made by some that he recanted his ideas in the 2000s.