By Jonathan B Berk; Peter M DeMarzo
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Extra resources for Corporate Finance
The owner has unlimited personal liability for any of the firm’s debts. That is, if the firm defaults on any debt payment, the lender can (and will) require the owner to repay the loan from personal assets. An owner who cannot afford to repay the loan must declare personal bankruptcy. S. Firms There are four Â�different types of firms in the United States. S. firms are sole Â�proprietorships, they generate only a small fraction of total revenue, Â� in contrast to corporations. gov (a) Percentage of Businesses (b) Percentage of Revenue 4.
2â•‡ Ownership Versus Control of Corporations 41 InÂ€most corporations, each share of stock gives a shareholder one vote in the election of the board of directors, so investors with the most shares have the most influence. When one or two shareholders own a very large proportion of the outstanding stock, these shareholders may either be on the board of directors themselves, or they may have the right to appoint a number of directors. The board of directors makes rules on how the corporation should be run (including how the top managers in the corporation are compensated), sets policy, and monitors the performance of the company.
Willing to accept the job. On the other hand, if compensation contracts reduce managers’ risk by rewarding good performance but limiting the penalty associated with poor performance, managers may have an incentive to take excessive risk. Further potential for conflicts of interest and ethical considerations arise when some stakeholders in the corporation benefit and others lose from a decision. Shareholders and managers are two stakeholders in the corporation, but others include the regular employees and the communities in which the company operates, for example.
Corporate Finance by Jonathan B Berk; Peter M DeMarzo