![]() ![]() Agency issues caused by the separation of ownership and control can still emerge in firms without any external owners. This approach ignores, however, the dispersion of ownership across managers within a single firm. Typically these studies aggregate internal (managerial) ownership, and effectively treat managers as if they are a single entrepreneur. Since the work of Berle and Means (1933) many studies have explored the agency conflict arising from the separation of ownership and control between external and internal owners. ![]()
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