Corporate governance e assetti proprietari : la governance dei gruppi aziendali
43 "These contracts or internal "rules of the game" specify the rights of each agent in the organization, performance criteria on which agents are evaluated, and the playoff functions they face". v. FAMA E. F. -JENSEN M. C. (1983), op. citata. 44 "The least restricted residual claims in common use are common stocks of large corporations". v. FAMA E. F. -JENSEN M. C. (1983), op. citata. infatti la separazione del potere di gestione dal potere di controllo permette di utilizzare al meglio nel
... esso decisionale le conoscenze specifiche dei manager, e ne consente il loro monitoraggio a tutela degli interessi degli azionisti 51 . 47 "However, because contracts are not costlessly written and enforced, all decision systems and systems for allocating residual claims involve costs. [...] Small noncomplex organizations do not have demands for a wide range of specialized decision agents; on the contrary, concentration of specific information relevant to decisions implies that there are efficiency gains when the rights to manage and control decisions are combined in one or a few agents". v. FAMA E. F. -JENSEN M. C. (1983), op. citata. 48 "Such a combining of decision and risk-bearing functions is efficient in small noncomplex organizations because the benefits of unrestricted risk sarin and specialization of decision funcions are less than the costs that would be incurred to control the resulting agency problems". v. FAMA E. F. -JENSEN M. C. (1983), op. citata. "Since specific knowledge in complex organizations is diffused among agents, diffusion of decision management can reduce costs by delegating the initiation and implementation of decisions to the agents with valuable relevant knowledge". v. FAMA E. F. -JENSEN M. C. (1983), op. citata. 50 "[...] in large open corporations [...] where most of the diffuse residual claimants are not qualified for roles in the decision process and thus delegate their decision control rights to other agents". v. FAMA E. F. -JENSEN M. C. (1983), op. citata. 51 "Diffusion and separation of decision management and control have benefits because they allow valuable knowledge to be used at the points in the decision process where it is most relevant and they help control the agency problems of diffuse residual claims". v. FAMA E. F. -JENSEN M. C. (1983), op. citata.