RETHINKING AGENCY THEORY: THE VIEW FROM LAW

• 成果类型: Article
• 署名作者: Lan, Luh Luh; Heracleous, Loizos
• 署名单位: National University of Singapore; University of Warwick
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• DOI: 10.5465/AMR.2010.48463335
• 发表日期: 2010
• 页码: 294-314
• 关键词: CORPORATE SOCIAL PERFORMANCE; TEAM PRODUCTION-MODEL; financial performance; Stakeholder theory; BOARD COMPOSITION; DIRECTORS; OWNERSHIP; governance; COSTS; firm

摘要

We draw from legal theory to offer a fundamental rethinking of agency theory along three key dimensions: redefining the principal from shareholders to the corporation, redefining the status of the board from shareholders' agents to autonomous fiduciaries, and redefining the role of the board from monitors to mediating hierarchs. These dimensions contrast with classic agency theory, offering novel conceptions that can inform further theorization and empirical research in corporate governance.