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Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns

Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns,10.1177/031289629101600103,Australian Journal of Management,Lex Donaldson,

Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns   (Citations: 268)
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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.
Journal: Australian Journal of Management - AUST J MANAGE , vol. 16, no. 1, pp. 49-64, 1991
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