Works
- Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 1976
In Thinking Tools
Known for
A financial economist at Rochester and Harvard whose paper with William H. Meckling founded agency theory as used in corporate finance: the firm is a set of contracts, and agency costs arise because a manager who owns only part of the firm bears only part of the cost of acting in their own interest.