1. The corporate contract
2. ); see also Andrei Shleifer & Robert Vishny, A Survey of Corporate Governance;J. FIN,1993
3. This focus can be traced back at least to Adolf Berle's and Gardiner Means' classic book;THE MODERN CORPORATION AND PRIVATE PROPERTY,1932
4. because leading contractarian scholars have generally adopted the position that shareholders are the firm's residual claimants. Thus, shareholders are assumed to act as principals in the set of agency contracts that make up the firm, just as if they were the owners. Contractarian scholars have accordingly focused on the principal-agent relationship between shareholders and managers as the most important;We associate the principal-agent model with "contractarian" tradition of describing the corporation as a nexus of explicit and implicit contracts
5. Hire Joe to Run the Firm or Run the Firm Myself? Management Agency Costs in Entrepreneurial Firms