Finance

Accounting

Sociology

Business

Social science

Corporate governance

Politics

Agency (philosophy)

Epistemology

Shareholder

Empirical research

Philosophy

Political science

Economics

Principal–agent problem

Stewardship (theology)

Stewardship theory

Agency cost

Australian Journal of Management

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.

Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns