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Chapter 1 Modul Manajemen Keuangan

Chapter 1 Modul Manajemen Keuangan

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Published by warsima

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Categories:Types, School Work
Published by: warsima on Oct 24, 2009
Copyright:Attribution Non-commercial


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1 - 1
The basic goal: to create stock-holder value
Agency relationships:1.Stockholders versus managers2.Stockholders versus creditors
An Overview of Financial Management
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What is an agency relationship?An agency relationship ariseswhenever one or more individuals,called
, (1) hires another individual or organization, called an
, to perform some service and(2) then delegates decision-makingauthority to that agent.
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If you are the only employee, and onlyyour money is invested in thebusiness, would any agencyproblems exist?
No agency problem would exist. Apotential agency problem ariseswhenever the manager of a firmowns less than 100 percent of thefirm’s common stock, or the firmborrows. You own 100 percent of the firm.

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