The lessons of Michael C. Jensen

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2025-06-23 DOI:10.1016/j.jfineco.2025.104118

René M. Stulz

引用次数: 0

Abstract

This paper assesses the contributions of Michael C. Jensen to financial economics and to American business. His work on agency theory is the cornerstone of modern corporate finance. He influenced how American business operates by helping make the internal and external governance of firms more efficient. He changed how knowledge in financial economics is diffused both through the founding of the Journal of Financial Economics and of the Social Science Research Network. I question the claim made by some that he recanted his ideas in the 2000s.

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Michael C. Jensen的教训

本文评价了迈克尔·詹森对金融经济学和美国商业的贡献。他在代理理论方面的工作是现代公司金融的基石。他通过帮助提高公司的内部和外部治理效率，影响了美国企业的运作方式。他通过创办《金融经济学杂志》和社会科学研究网络，改变了金融经济学知识的传播方式。有些人声称他在2000年代放弃了自己的观点，我对此表示质疑。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.