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Agency problem in corporate governance

Agency problem in corporate governance. 1. What is legal is not necessarily ethical and what is ethical is not necessarily legal.



2. The agency problem in corporate governance is about how to get managers’ interests well aligned with the shareholders’ interests.



3. According to utilitarianism, _____.

results, not rules, are emphasized

ethical action arises from doing one’s duty

duties are defined by rational thought

emphasis is on what is the fair way to distribute goods among a group of people

people give up certain rights to government in exchange for security

4. Which of the following is true according to Aristotle and the Virtue theory?

Aristotle believed that as all activity was aimed at some goal or perceived good, no ranking was required among those goals or goods.

Aristotle rejected wealth, pleasure, and fame as the distinguishing feature of humans as opposed to other species.

Happiness is living according to passive use of reason.

The emphasis on virtue theory has gradually been reducing while more attention is being given to the utilitarian and deontological approaches to ethics.

Happiness cannot be associated with reason.

5. The manager’s fiduciary duty refers to _____.

the duty of managers to maximize returns to employees

the legally prescribed duties which make their employment possible

the moral duty managers have to act as responsible agents to the owners

managers resisting hostile takeover bids

managers managing by number

6. _____ helps companies embrace the idea that profit and prosperity must go hand in hand with social justice and environmental stewardship.

Social contract

Stakeholder theory

Conscious capitalism

Virtue ethics


7. It is possible to become someone’s partner without intending to or even realizing that partnership has been created.



8. Partnership is limited to a direct association between human beings.



9. A _____ is the association of two or more people carrying on a business as co-owners for profit.

limited liability company




agency relationship

10. The concept of a business firm as a legal person, with existence and accountability separate from its owners stems from _____.

entity theory

aggregate theory

concession theory

conduit theory

appropriation theory

11. The Uniform Partnership Act and the Revised Uniform Partnership Act do not dictate what relations among partners must be.



12. The Revised Uniform Partnership Act (RUPA), generally, requires the judgment creditor to exhaust the partnership’s assets before going after the separate assets of a partner.



13. For tortuous acts, the partners are said to be jointly and severally liable under both Uniform Partnership Act (UPA) and Revised Uniform Partnership Act (RUPA), and the plaintiff may separately sue one or more partners.



14. _____ is the highest duty of good faith and trust, imposed on partners as to each other and the firm.

Embezzlement duty

Larceny duty

Escrow duty

Escheat duty

Fiduciary duty

15. A court order that directs a partnership to pay a partner’s judgment creditor the distribution that the partner would normally receive is called _____.

doctrine of estoppel

order of relief

proof of claim

performance bond

charging order

16. Sub-S corporations, limited liability partnerships, and limited liability limited partnerships are all entities.



17. The partnership law imposed personal liability on the partners because people tend to be more careful when they are personally liable for their own mistakes and bad judgment.



18. The original source of limited partnership law is the _____ that was drafted in 1916.

Uniform Limited Partnership Act (ULPA)

Revised Uniform Limited Partnership Act

National Conference of Commissioners on Uniform Laws

Companies Act

Limited Liability Partnership Act

19. It is required that the limited liability company (LLC) members file a _____ with the secretary of the state during its creation.

certificate of stare decisis

certificate of organization

certificate of ultra vires

certificate of derivative action

certificate of parens patriae

Agency problem in corporate governance

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