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ESSENTIALS OF ECONOMICS
Guell
Issues in Economics Today
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ECONOMETRICS
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O’Sullivan
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Contemporary Labor Economics
Twelfth Edition
PUBLIC FINANCE
Economics and
Organizational
Architecture
Seventh Edition
JAMES A. BRICKLEY
CLIFFORD W. SMITH
JEROLD L. ZIMMERMAN
University of Rochester
Page iv
1 2 3 4 5 6 7 8 9 LWI 24 23 22 21 20
ISBN 978-1-260-57121-9
MHID 1-260-57121-1
The Internet addresses listed in the text were accurate at the time of
publication. The inclusion of a website does not indicate an
endorsement by the authors or McGraw Hill LLC, and McGraw Hill
LLC does not guarantee the accuracy of the information presented at
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mheducation.com/highered
Dedicated to our children— Page v
Seventh Edition
This book is noted for using economics to analyze real-world
management problems. The seventh edition maintains and extends
this focus.
Basic economic principles and concepts do not change greatly
over time. Key frameworks, such as supply and demand analysis,
have existed for over 100 years and have stood the test of time.
What does change with reasonable rapidity is the business
environment, the quantity of data useful for decision making, and
the corresponding demands placed on managers. Examples and
illustrations of economic concepts that were highly relevant just a
few years ago quickly become outdated and hard for students to
relate to.
This edition continues to focus on core economic concepts that are
critical for managers. It significantly updates the motivating case
studies that permeate each chapter, as well as the problem sets,
boxed materials and exhibits. Updated references and recent
relevant research are cited. Data has been updated, where
appropriate. These changes will help students to better understand
how economics can be used both to compete in today’s marketplace
and to design more effective organizations.
Supplements
The following ancillaries are available for quick download and
convenient access via the Instructor Library material available
through McGraw-Hill Connect®.
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Page xiv
Page xv
ACKNOWLEDGMENTS Page xvi
No textbook springs from virgin soil. This book has its intellectual
roots firmly planted in the work of dozens who have toiled to
develop, test, and apply organization theory. As we detailed in the
preface to the first edition, the genesis of this book was a course
William Meckling and Michael Jensen taught on the economics of
organizations at the University of Rochester in the 1970s. Bill’s and
Mike’s research and teaching stimulated our interest in the
economics of organizations, prompted much of our research focused
on organizational issues, and had a profound effect on this text. No
amount of citation or acknowledgments can adequately reflect the
encouragement and stimulation that they provided, both personally
and through their writings.
Bill and Mike emphasized three critical features of organizational
design: (1) the assignment of decision rights within the organization,
(2) the reward system, and (3) the performance-evaluation system.
These three elements, which we call organizational architecture,
serve as an important organizing device for this book. As readers will
discover, this structure offers a rich body of knowledge useful for
managerial decision making.
Important contributions to the literature on the economics of
organizations have been made by a host of scholars. Through the
work of these individuals, we have learned a tremendous amount. A
number of our colleagues at Rochester also contributed to the
development of the book. Ray Ball, Rajiv Dewan, Shane Heitzman,
Scott Keating, Stacey Kole, Andy Leone, Glenn MacDonald, Larry
Matteson, David Mayers, Kevin Murphy, Michael Raith, Mike Ryall,
Greg Schaffer, Ronald Schmidt, Larry Van Horn, Karen Van Nuys,
Ross Watts, Gerald Wedig, Michael Weisbach, and Ron Yeaple
offered thoughtful comments and suggestions that helped to clarify
our thinking on key issues. Don Chew, editor of the Journal of
Applied Corporate Finance, provided invaluable assistance in
publishing a series of articles based on the book; his assistance in
writing these articles improved the exposition of this book
enormously. Our collaboration with Janice Willett on Designing
Organizations to Create Value: From Strategy to Structure (McGraw-
Hill, 2003) enriched our understanding and exposition of many
important topics.
This project also has benefited from an extensive development
effort. In addition to generations of Simon School students, dozens
of colleagues both in the United States and overseas formally
reviewed the manuscript and gave us detailed feedback, for which
we are very grateful. We offer our sincere thanks to following
reviewers, for their thorough and thoughtful suggestions:
We owe special thanks to Henry Butler, Luke Froeb, Mel Gray, and
Chris James; each provided insightful comments on the material. In
addition, we are grateful for feedback from more than 500
individuals who completed various surveys. Their thoughts served to
guide our refinement of this work. We appreciate the efforts of
Another random document with
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— Hän kiusasi itseään, — huudahteli Katerina Ivanovna, — hän
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on kiusannut itsensä näännyksiin omallatunnollaan! Hän ilmaisi
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niinkuin ainoalle ystävälleen! — huudahti hän yhtäkkiä aivan kuin
uhmaillen, ja hänen silmänsä säkenöivät. — Hän kävi Smerdjakovin
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ole veljeni, vaan Smerdjakov (sillä täällä levittivät kaikki sitä satua,
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veljensä oli murhaaja, ja se lannisti hänet kokonaan. Hän ei jaksanut
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päivinä hän minun luonani istuessaan houraili. Minä huomasin
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pyynnöstäni häntä toissa päivänä ja sanoi hänen olevan
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Eilen hän sitten sai tietää Smerdjakovin kuolleen, — se vaikutti
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6.
7.
Historiallinen katsaus