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Agency Theory in Business and Management Research  

G. Tyge Payne and Oleg V. Petrenko

Agency theory is one the most prominent theoretical perspectives utilized in business and management research. Agency theory argues—using fundamental assumptions that agents are: (a) self-interested, (b) boundedly rational, and (c) different from principals in their goals and risk-taking preferences—that a problem occurs when one party (a principal) employs another (an agent) to make decisions and act in their stead. Essentially, the value of a principal-agent relationship is not optimized because the two contracted parties may have different interests and information is asymmetric (not equal). Agency costs are the result of principal and agent conflicts of interest and disagreements regarding actions that are taken. As such, monitoring and incentive-alignment systems are used to curb costs associated with opportunist behavior. Agency theory is commonly utilized to understand and explain corporate governance phenomena, including executive incentive alignment, board monitoring, and control of top managers; this strand of the literature is founded in economics and represents the bulk of the research in business and management. However, other important principal-agent relationships are commonly seen in business and society, such as with politicians/voters, brokers/investors, and lawyers/clients, and have benefited from the vast stream of research that has explored the principal-agent relationship in various forms and contexts. Also, alternative theoretical perspectives have emerged to accommodate variations of the principal-agent relationship. Namely, principal-principal agency, behavioral agency, and stewardship theories are prominent alternative theories that challenge, expand, or relax the basic assumptions of the classic theory to extend our understanding of important relationships and mechanisms in business and management.

Article

Moral Agency in the Hebrew Bible  

Anne W. Stewart

Do humans have a will capable of choosing the good, doing the good, and evaluating the good? These are the central questions of moral agency, the notion that humans can be morally responsible for their actions, that is, that they are capable of deliberately exercising agency for good or ill. The Hebrew Bible offers multiple perspectives on these questions, and at least three different models of moral agency can be discerned. Some traditions indicate that humans are fundamentally flawed moral creatures who are incapable of choosing the good apart from divine intervention. For example, the psalmist confesses: “I was born guilty, a sinner when my mother conceived me” (Ps. 51:5) and prays for a divine change in the human condition: “Create in me a clean heart, O God, and put a new and right spirit within me” (51:10). Other traditions, however, frequently take the more optimistic view that humans are capable of choosing and acting in accord with the good, though they may not always exercise their inherent capacity to do so. The Deuteronomic law, for example, is based on the notion that humans have the ability to distinguish obedience from disobedience and to act accordingly. Thus humans will reap the consequences of their actions, for God “maintains covenant loyalty with those who love him and keep his commandments, to a thousand generations, and [God] repays in their own person those who reject him … Therefore observe diligently the commandment” (Deut. 7:9–11). In other words, humans are held responsible for their moral choice. A third view, found especially in the book of Proverbs, takes a middle view that moral agency involves a combination of internal and external factors: while most, though not all, humans are inherently capable of choosing the good, their capacity for moral agency requires cultivation by external forces. That is, humans are capable of moral choice, yet their ability to choose according to the good depends upon both an innate receptivity and training by others. The Hebrew Bible thus reflects a diverse set of viewpoints about the status of human moral agency, the extent of human accountability, and the factors that influence human action.

Article

Deontological International Ethics  

Thomas E. Doyle II

Deontological international ethics describes, analyzes, and assesses the principles governing the interactions of actors at and across various levels of society; focuses on the relations between states and other international actors; and is concerned with identifying and specifying the moral duties that each kind of international actor bears toward all others. The core theoretical elements of deontological international ethics include accounts of individual and collective agency, moral reason, the moral nature of action, and respect for the moral law as a necessary feature of ethical action. There are three historical phases of deontological international ethics: divine command and natural law ethics prior to Kant, late-modern thinker Immanuel Kant’s international ethics, and contemporary neo-Kantian approaches to nuclear ethics and transnational economic relations. The divine command ethical theories posit divine authority as the absolute and incontrovertible source of moral obligation. Meanwhile, natural law focuses on the intrinsically moral nature of military action and the centrality of moral agency and intention in the rightful use of force. On the other hand, Kant’s systemic deontological ethical theory posits individuals and states as autonomous and rational moral agents, identifies the categorical imperative as the supreme rational principle or morality and the concept of public right as its political corollary, describes a formal method for actors to determine their moral duty in ideal and non-ideal contexts, and applies this theory to the problems of interstate conflict and commerce.

Article

Corporate Ethics  

Thomas Donaldson and Diana C. Robertson

Serious research into corporate ethics is nearly half a century old. Two approaches have dominated research; one is normative, the other empirical. The former, the normative approach, develops theories and norms that are prescriptive, that is, ones that are designed to guide corporate behavior. The latter, the empirical approach, investigates the character and causes of corporate behavior by examining corporate governance structures, policies, corporate relationships, and managerial behavior with the aim of explaining and predicting corporate behavior. Normative research has been led by scholars in the fields of moral philosophy, theology and legal theory. Empirical research has been led by scholars in the fields of sociology, psychology, economics, marketing, finance, and management. While utilizing distinct methods, the two approaches are symbiotic. Ethical and legal theory are irrelevant without factual context. Similarly, empirical theories are sterile unless translated into corporate guidance. The following description of the history of research in corporate ethics demonstrates that normative research methods are indispensable tools for empirical inquiry, even as empirical methods are indispensable tools for normative inquiry.