Consistency and Viability of Islamic Economic Systems and by J. Marangos
By J. Marangos
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Example text
The corporation is owned by its stockholders, acts as a legal person, and the majority stockholder directs and/or approves the business Consistency and Viability of Economic Systems 19 decisions of executive management and all share the profits/losses of the enterprise in accordance with their ownership of stocks. A market for corporate control exists in which challenging management teams have the opportunity to gain control of the corporation by purchasing stocks. Corporate raiders emerge in hostile takeovers for corporations that they believe are underperforming.
For an effective principal–agent relationship to occur, there are three requirements: the agent must have the ability to influence the outcome for which they have been hired for, the principal must be able to check on the subordinate to see whether the tasks are properly being executed, and the rewards being offered to the agent in exchange for the services must be of value to the agent (Gregory and Stuart 2004, pp. 28–29). The principal-agent problems arise when agents pursue self-interest instead of the objectives established by the principal.
The first right is the right to exclude other members from the appropriation of the resource owned. This right forces individuals to gain access to the resource only after negotiating with the resource owner in question and gaining permission of the owner to transfer ownership rights at a price agreeable by the seller and the buyer. The second right is the right to utilization of resources, whereby the owner can use the resource in a manner deemed appropriate, as the owner sees fit. The last right in this amalgam is the right to appropriate the surplus earned by a resource in the form of income or other benefits produced by the resource.