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. COASE, R., 1937, The nature of the firm, Economica, Vol 4. CIVIL CODE OF 23 APRIL 1964 (Journal of Laws of 1964 No. 16, item 93 with later amendments). EISENHARDT, K. M. 1989, Agency Theory: An Assessment and Review, Academy of Management. The Academy Management Review, Vol. 14, No. 1. EVANS, J., WEIR C., 1995, Decision processes, monitoring, incentives and large firm performance in the UK, Management Decision, Vol. 33, No. 6. GIBLER, K.M, BLACK, R,T. 2004, Agency risks in outsourcing corporate real estate functions, Journal of Real Estate Research, Vol. 26

Else. Black Swan. Eisenhardt, K.M. (1989). Agency Theory: An Assessment and Review. The Academy of Management Review, 14(1), 58, 60-61, 69-70. Gibbons, R. (2010). Transaction-cost Economics: Past, Present, and Future? The Scandinavian Journal of Economics, 112(2), 12. Gorynia, M. (1999). Przedsiębiorstwo w nowej ekonomii instytucjonalnej. Ekonomista, 6, 779-780, 783. Hodgson, G.M. (1998). The Approach of Institutional Economics. Journal of Economic Literature, 36, 167. Jensen, M.C., Meckling W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and

References 1. Admati, A., Hellwig, M. (2013). Does Debt Discipline Bankers? An Academic Myth about Bank Indebtness. Available at [18 March 2017]. 2. Berger, A., Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance , Vol. 30, No. 4, pp. 1065-1102. 3. Bogetoft, P., Otto, L. (2011). Benchmarking with DEA


The main issues in efficiency of a company as an organisation are relations between the Supervisory Board and the Management Board of a company, and the methods of functioning of Supervisory Boards in governance systems of a company.

The classical and modern approach to the role, place, and importance of corporate governance presented in this article, is yet another prompt to continue searching for the optimum in the organisational, economical, and social meaning.

G. - Culture and management in Sri Lanka , Postgraduate Institute of Management, University of Sri Jayawardenepura, Sri Lanka, 1992. [11] Miller D., Sardais C. - Angel Agents: Agency Theory Reconsidered , Academy of Management Perspectives, 6-13, 2011. [12] Fama E., Jensen M. - Separation of ownership and control. Journal of Law and Economics, 26, 301–325, 1983. [13] Eisenhardt K.M. - Building theories from case study research. Academy Management Review. 14, 532-550, 1989. [14] Grabke-Rundell A., Gomez-Mejia L.R. - Power as a Determinant of Executive


Introduction: This paper presents the results of research focused on identification of preschool teachers’ progress in relation to the use of children’s preconceptions in formal pre-elementary education. It represents the theoretical concepts that are applied in the work with children’s preconceptions in schools. It analyses them and creates a platform for their own empirical investigation. This research was carried out in the Czech Republic. Methods: The empirical part of the study was conducted in the form of a qualitative research. Participant observation and interviews with preschool teachers were used for the data collection. The research findings were analysed and a model for using children’s preconceptions was created and interpreted subsequently. Results: The presence of children’s preconception in educational activities in preschool was found in the realised participant observation. The ways and types of practice of preschool teachers in relation to using children’s preconception are interpreted based on the research findings. Afterwards, based on the participant observation, in-depth interviews were carried out. From the collected data, it was observed that the practices of the teachers in connection to using children’s preconceptions are determined by the agency of the child, the experience of the teacher and the overall philosophy of the preschool. Limitations: This research was realised in the Zlín region in the spring of 2017. Data from the research cannot be generalised for the whole population. However, the following research will address agency theory in connection with children’s preconceptions. Discussion and conclusions: The practices of teachers in relation to using children’s preconceptions in formal education in preschools. The results show that the approach of teachers in connection with using children’s preconceptions differs. There are three ways interpreted out of the research findings: 1. A preschool teacher notices the preconception but does not react to it. 2. A preschool teacher notices the preconception and reacts to it. 3. A preschool teacher intentionally identifies the preconception and uses it further during the educational activity. The results show that a child’s agency plays an important role in relation to using children’s preconception. Additionally, they show that the decision to use or not to use children’s preconceptions is influenced by the preschool teacher’s experience and the philosophy of the preschool

owner personally runs the firm they have to rely on someone else to do the job. In newspapers operated as stock corporations, this duty is delegated to a board of directors. Depending on the size of the firm, the delegation of duties will then continue down through the organizational hierarchy. The separation of liabilities in stock corporations activates what in economic theory is known as an agency relationship , which is the primary focus of agency theory ( Fama & Jensen 1983 ; Jensen & Meckling 1976 ). The agency relationship is where one party ( the principal

References Boyne George A., ‘Bureaucratic theory meets reality: public choice and service contracting in U.S. local government’ (1998) 58 (6) Public Administration and Review Brown Trevor L., Potoski Matthew, Slyke David M., ‘Managing public service contracts: aligning values, institutions, and markets’ (2006) 66 (3) Public Administration Review Daly Hounaida, ‘Conflicts of interest in agency theory: a theoretical overview’(2015) 15 (1) Global Journal of Human-Social Science: E Economics Eisenhardt Kathleen M., ‘Agency theory: an assessment and review’ (1989) 14

analysis. In: S. R. Clegg & C. Hardy, eds. Studying organisation: Theory and method. London: SAGE Production, pp. 111 – 148. Barney, J. B. & Ouchi, W. G., 1986. Organisational economics: Toward a new paradigm for understanding and studying organisations. San Francisco: Jossey-Bass. Berle, A. & Means, G., 1932. The modern corporation and private property. New York: Macmillan. Brahmadev, P. & Leepsa, N. M., 2017. Agency Theory: Review of Theory and Evidence on Problems and Perspectives. Indian Journal of Corporate Governance , 10(1), pp. 74 – 95. Butt, H. & B, P

education and training colleges’ annual reports. Journal of Legal, Ethical and Regulatory Issues , 22 (3), 1-15. OECD. (2015). G20/OECD principles of corporate governance . Paris: OECD Publishing. Omar, O. A., Sell, D., & Rover, A. J. (2017, September). The information asymmetry aspect of agency theory in business compliance contexts: A systematic review . (Congresso Internacional de Conhecimento e Inovação–Ciki No. 1, 8-21). Panda, B., and Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate