Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns

19913,476 citationsJournal Article

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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.

Topics & Keywords

Corporate Finance and Governance Cooperative Studies and Economics Corporate Insolvency and Governance

Publication Details

Published in: Australian Journal of Management

Volume 16, Issue 1, pp. 49-64

DOI: 10.1177/031289629101600103

Field-Weighted Citation Impact: 12.48

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Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns

Authors

Abstract

Topics & Keywords

Publication Details