Since at least Friedman's 1970: "The social responsibility of business is to increase its profits", it has become common to refer to the shareholders of a firm as its owners; a mistaken view that leads to much confusion and wasted effort.
On top of this misconception, in their 1976 paper , Jensen and Meckling compounded the matter by asserting that: "the relationship between the stockholders and the managers of a corporation fits th...
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