Invisible ties : implicit contracting and its implications for the agency relationship in corporate governance research

Nicholson, Gavin J. & Pugliese, Amedeo (2013) Invisible ties : implicit contracting and its implications for the agency relationship in corporate governance research. In Kokubu, Katsuhiko, Suwabe, Norio, & Sakaue, Manabu (Eds.) APIRA 2013 : The Seventh Asia Pacific Interdisciplinary Research in Accounting Conference, 26-28 July 2013, Kobe International Conference Center, Kobe, Japan. (Unpublished)

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Abstract

Research that applies agency theory to boards of directors suffers from being quite narrow as it does not recognize the true legal relationships between directors, managers and shareholders. Instead, the board of directors is best conceptualized as the principal, management as agents and stockholders’ relationships as a mix of legal and implicit contracts. We propose a recast agency relationship and develop a contingency approach that proposes (1) how a corporation’s goals vary with a board’s implicit contracting and (2) a reconceptualization of the agency problem facing boards.

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ID Code: 75025
Item Type: Conference Paper
Refereed: Yes
Additional URLs:
Keywords: Agency Theory, Boards of Directors
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > Auditing and Accountability (150102)
Divisions: Current > Research Centres > Australian Centre for Philanthropy and Nonprofit Studies
Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2013 please consult author(s)
Deposited On: 13 Aug 2014 23:40
Last Modified: 13 Aug 2014 23:40

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