161
Separation of ownership and control.
wBig modern firms are not
owner managed (as in Alchian
and Demsetz story).
wAdolf A. Berle and Gardiner C. Means, The Modern Corporation and Private Property (1932).
nSeparation of ownership and control.
nManagers “plunder” stockholders.
Adolf A. Berle (1895-1971) with John F. Kennedy