two actors (shareholders and managers), with little attention to how agency problems may vary across diverse task and resource environments, the life cycle anizations, or different institutional environments. Although Williamson (1991, p. 277) suggested that transaction costs may be different in different institutional anizational contexts, he pointed out that mainstream corporate governance research is “too upied with issues of allocative efficiency . . . to the neglect anizational efficiency in which discrete structural alternatives were brought under scrutiny.” Stewardship and stakeholder theory remove some restrictive assumptions of the agency approach, yet do not provide prehensive research framework that links executive incentives with the broader context of anizational environments.
全文预览