Routledge Dictionary of Economics, Second Edition
A privately or publicly owned firm whose powers and activities are defined in the statute or articles which set it up.
It is the major way of organizing a large firm in many countries and hence is responsible for most industrial and commercial output of several national economies. As most large corporations, whether in the public or private sectors, are to a large extent controlled by their managers, many have asked to whom they are ultimately responsible.
See also: managerial models of the firm; multinational corporation; public enterprise; transnational corporation
This is the complete article, containing 91 words
(approx. 1 page at 300 words per page).
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