The modern firm is under pressures and interests of the stakeholders. Particularly, diversification and execution of ownership and control potential by different interest groups is an important problem and incurring high costs to the firm. However, for the continuity and development of the firm, an optimal distribution of interesrs among claimholders is compulsory. Agency theory is a useful tool for analyzing modern firm which is defined as contractual relations. Agency problems and costs that make the foundation of agency theory essentially investigate the conjlict between firm ownership and management
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