Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns
Australian Journal of Management, no. 1 (1991): 49-64
Agency theory argues that shareholder interests require protection by separation of incumbency of roles of board chair andCEO. Stewardship theory argues shareholder interests are maximised by shared incumbency of these ro ˆles. Results of an empirical test fail to support agency theory and provide some support for stewardship theory.
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