Abstract
The modern business enterprise is equipped with a highly developed managerial hierarchy. It allocates resources by making use of the line of authority which is operated through this hierarchy. While resources can be allocated and economic activities coordinated through other sorts of institutional arrangements such as the market mechanism, it may be asserted that the business enterprise or the firm with managerial hierarchies appears when the markets or other kinds of institutional arrangements do not effectively fulfil the function of the allocation of resources.KeywordsFinancial ResourceInstitutional ArrangementBusiness EnterpriseMiddle ManagementHead OfficeThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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