期刊
JOURNAL OF MANAGEMENT STUDIES
卷 49, 期 1, 页码 202-222出版社
WILEY
DOI: 10.1111/j.1467-6486.2011.01016.x
关键词
agency theory; corporate governance; principal-agent relations; social context
We challenge critics of agency theory who suggest that agency theory's value does not extend outside a narrow context dominated by egocentric agents seeking only to maximize wealth at the expense of the principal. Instead, we argue that agency theory's flexibility allows for its application to a variety of non-traditional settings where the key elements of agency theory, such as self-interest, information asymmetry, and the mechanisms used to control agency costs can vary beyond the narrow assumptions implied in traditional agency-based research. We suggest that extending agency theory to diverse settings using a deductive approach can be accomplished by formally recognizing and incorporating the institutional context surrounding principalagent (PA) relations into agency-based models. Thus, criticisms that agency theory fails to acknowledge the social context in which PA relations occur provides not a barrier but an opportunity for extending our understanding of PA relations to a variety of diverse contexts.
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