Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns-Reference-Cited by-同舟云学术

Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns

Published:1991-06 Issue:1 Volume:16 Page:49-64
ISSN:0312-8962
Container-title:Australian Journal of Management
language:en
Short-container-title:Australian Journal of Management

Author:

Donaldson Lex¹,Davis James H.²

Affiliation:

1. Australian Graduate School of Management, University of New South Wales, PO Box 1, Kensington NSW 2033.

2. for Merly Department of Management and Organization College of Business Administration, University of Iowa; Presently Department of Management, College of Business Administration, University of Notre Dame, Notre Dame, Indiana 46556, U.S.A.

Abstract

Agency theory argues that shareholder interests require protection by separation of incumbency of rôles of board chair and CEO. Stewardship theory argues shareholder interests are maximised by shared incumbency of these rôles. Results of an empirical test fail to support agency theory and provide some support for stewardship theory.

Publisher

SAGE Publications

Subject

General Business, Management and Accounting

Link

http://journals.sagepub.com/doi/pdf/10.1177/031289629101600103

Reference31 articles.

1. The Debate between Traditional Management Theory and Organizational Economics: Substantive Differences or Intergroup Conflict?

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