January 2015
Beginner
480 pages
31h 42m
English
Content preview from Financial Management: Core Concepts, Third EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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1.8 The Financial Management Setting: The Agency Model
The relationship between the owners and managers of a company is of critical importance to a company’s success. The owners hire the managers to represent their interests and perform the daily tasks of operating the company in such a way as to benefit these interests. The managers have their own personal interests as well. Are these interests always aligned? In a sole proprietorship, the owner and the manager are one and the same, so there is no business decision that could directly benefit the manager at the expense of the owner. The same may hold true in partnerships in which the owners and the managers are the same. With corporations, however, conflicts can arise between the owners and ...
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