The modern industrial revolution, exit, and the failure of internal control systems

The modern industrial revolution, exit, and the failure of internal control systems (1993)

by Michael C. Jensen , Michael C. Jensen

Venue:	Journal of Finance
Citations:	243 - 2 self

Datum	Value	Source
TITLE	The modern industrial revolution, exit, and the failure of internal control systems	INFERENCE
AUTHOR NAME	Michael C. Jensen	SVM HeaderParse 0.2
AUTHOR AFFIL	Harvard Business School	SVM HeaderParse 0.2
AUTHOR NAME	Michael C. Jensen	SVM HeaderParse 0.2
AUTHOR AFFIL	Harvard Business School	SVM HeaderParse 0.2
ABSTRACT	Since 1973 technological, political, regulatory, and economic forces have been changing the worldwide economy in a fashion comparable to the changes experienced during the nineteenth century Industrial Revolution. As in the nineteenth century, we are experiencing declining costs, increaing average (but decreasing marginal) productivity of labor, reduced growth rates of labor income, excess capacity, and the requirement for downsizing and exit. The last two decades indicate corporate internal control systems have failed to deal effectively with these changes, especially slow growth and the requirement for exit. The next several decades pose a major challenge for Western firms and political systems as these forces continue to work their way through the worldwide economy. © M. C. Jensen, 1993	SVM HeaderParse 0.2
YEAR	1993	INFERENCE
VENUE	Journal of Finance	INFERENCE
VENUE TYPE	JOURNAL	INFERENCE
PAGES	831--880	INFERENCE
CITATIONS	141 found	ParsCit 1.0