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ExamCopyFoundationsofOrganizationalStrategyCopyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyCopyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyMichaelC.JensenFOUNDATIONSOFORGANIZATIONALSTRATEGYHarvardUniversityPressCambridge,MassachusettsLondon,EnglandCopyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyCopyright©1998bythePresidentandFellowsofHarvardCollegeAllrightsreservedPrintedintheUnitedStatesofAmericaSecondprinting,2001FirstHarvardUniversityPresspaperbackedition,2001LibraryofCongressCataloging-in-PublicationDataJensen,MichaelC.Foundationsoforganizationalstrategy/MichaelC.Jensen.p.cm.Includesbibliographicalreferencesandindex.ISBN0-674-64342-9(alk.paper)ISBN0-674-00564-3(pbk.)1.Organizationalbehavior.I.Title.HD58.7.J4631998658.4012—dc2198-20215Copyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyTothememoryofWilliamH.Meckling,myclosefriend,coauthor,andscholarCopyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyCopyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyContentsPrefaceixIntroduction1IFundamentalBuildingBlocksoftheTheory1TheNatureofMan112Self-Interest,Altruism,Incentives,andAgencyTheory393TheoryoftheFirm:ManagerialBehavior,AgencyCosts,andOwnershipStructure514SpecificandGeneralKnowledgeandOrganizationalStructure1035OrganizationTheoryandMethodology126IIResidualClaimsandOrganizationalForms6AgencyProblemsandResidualClaims1537SeparationofOwnershipandControl175IIICompensation8CompensationandIncentives:PracticeversusTheory2019PerformancePayandTop-ManagementIncentives22910CEOIncentives:It’sNotHowMuchYouPay,ButHow270IVOrganizationalApplicationsoftheTheory11Science,SpecificKnowledge,andTotalQualityManagement30112DivisionalPerformanceMeasurement345Notes363References388Acknowledgments406Index409Copyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyCopyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyPrefaceTherearethreemainelementsinanorganization’stotalstrategy:itscompetitivestrategy,itsorganizationalstrategy,anditshumanstrategy.Thisvolumecontainstwelvearticleswrittenoverthelasttwenty-fiveyearswhichdealwithafirm’sorganizationalstrategy.Inthesearticlesmycoauthors(notedineachchapter)andIlayoutthefoundationsofatheoryoforganizationsthatisbothintegratedandpowerful.Thedevel-opmentofthismaterialhaditsgenesisintheearly1970sattheUniver-sityofRochester,wheretwocomplementaryinitiativesspurredthiseffort.OnewastheresearchthatWilliamH.MecklingandIbeganonagencytheoryin1973,whichopenedupanewsetofinsightsintothebehaviorofmanagersandfirms.Thesecondwasthecoursedevelop-menteffortthatMecklingandIbeganatthatsametime,whichhasledtomajorcoursesatbothRochesterandHarvard.InourcourseatHarvardBusinessSchool,entitled“Coordination,Control,andtheManagementofOrganizations”(CCMO),mycol-leagues(GeorgeBaker,CarlissBaldwin,KarenWruck,andMalcolmSalter)andIapplytheconceptstoawiderangeofmanagementandorganizationalproblems.Thecourse,oneofthemostsuccessfulinthesecondyearoftheMBAprogram,attractsabout600studentseachyear.Thehistoryofthecourseissummarizedin“OrganizationsandMarketsattheHarvardBusinessSchool,1984–1996,”byMichaelC.Jensen,GeorgeBaker,CarlissBaldwin,andKarenH.Wruck,inTheIntellectualVentureCapitalist:JohnH.McArthurandtheWorkoftheHarvardBusinessSchool1980–1995,editedbyThomasK.McCrawandJeffreyL.Cruikshank(HarvardBusinessSchoolPress,1998).ThisarticleandacompletedescriptionoftheCCMOcourse,includingthecoursesyllabus,readinglist,coursenotes,andpracticequestions,areavailableinfourelectronicdocumentsontheInternetfromtheSocialScienceResearchNetworkElectronicLibraryat:58704Copyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyIamindebtedtomanypeopleforstimulationandhelpindevelopingtheseideasandthisbook.ThebookwouldnothavehappenedwithoutthedevotedattentionandeffortofJanetMontgomery,whohaspre-paredthemanuscriptfrombeginningtoend,checkedandrecheckeditforaccuracyandconsistency,andcontinuallytoleratedmyidiosyncra-sies.Myassistant,JuneHayes,haspatientlyaidedinthisprocessaswell,asdidmanybeforeherincludingKathleenMeaserattheUniver-sityofRochester,whoforyearsmanagedtheproductionofmyjointworkwithWilliamH.Meckling.TheresearchonwhichthisworkisbasedhasbeensupportedbytheUniversityofRochesterSimonSchoolofBusinessandtheHarvardBusinessSchoolDivisionofResearch.IowemydeepestdebttoWilliamH.Meckling,whowastheDeanattheUniversityofRochesterwhenIarrivedthereasanassistantprofes-sorin1967.Webecamefriendsandcoauthorsaswellascolleagues,andhisinfluenceonmeandothersintheprofessionhasbeentrulyprofound.HehasbeencrucialinthecreationoftheRochesterSchoolandallthatithasbroughttothescienceandpracticeofmanagementandeconomics.InMay1998,afterthisprefacewasfirstwritten,WilliamMecklingpassedawayathishomeinRanchoSanteFe,California.Theworldlostagreatscholar.WithoutBill,muchoftheworkinthisvolumewouldnothavebeendone.Idedicatethisbooktohimandourfriendship.MichaelC.JensenJuly1998xPrefaceCopyright©1998ThePresidentandFellowsofHarvardCollegeExamCopyFoundationsofOrganizationalStrategyCopyright©1998