At the same time as the professional manager
is grappling with major challenges, the
nature of ownership is also undergoing a fundamental fundamental
shift. With the increase of equitybased
This increase is not limited to the United
States (85 million), but extends also to such
non-traditional homes of individual share
ownership as Germany (18 million), and
France (6 million, of which 2 million are shareholding
employees). Share-owning individuals
in such large numbers signify a new force
in corporate governance, a force we call mass
ownership and wish to differentiate from dispersed
ownership as described by Berle and
Means and assumed by many agency theorists
(cf. Fama and Jensen, 1983a).
At the same time as the professional manager
is grappling with major challenges, the
nature of ownership is also undergoing a fundamental fundamental
shift. With the increase of equitybased
This increase is not limited to the United
States (85 million), but extends also to such
non-traditional homes of individual share
ownership as Germany (18 million), and
France (6 million, of which 2 million are shareholding
employees). Share-owning individuals
in such large numbers signify a new force
in corporate governance, a force we call mass
ownership and wish to differentiate from dispersed
ownership as described by Berle and
Means and assumed by many agency theorists
(cf. Fama and Jensen, 1983a).
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