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?Requiredreading:
Eisenhardt,K.(1989).Agencytheory:Anassessmentandreview.AcademyofManagementReview,14:57-74.

Whatisanagencyproblem?AgencyTheoryProblems:
1.conflictgoals:expensivefortheprincipletoverifywhattheagentisactuallydoing;




2.differentattitudestowardsrisk/goals:principleandagentpreferdifferentactions.

Questions
whatkindofcontractismoreefficienttorelievetheagentproblem?
morespecifically,isthebehavior-orientedcontact(e.g.salaries,hierarchicalgovernance)moreefficientthananoutcome-orientedcontact(e.g.commissions,stockoptions,transferofpropertyright,marketgovernance)?

ThepositivistThepositivistThePrincipal-agentThePrincipal-agentProposition6:Theriskaversionoftheprincipalisnegativelyrelatedtobehavior-basedcon-tractsandpositivelyrelatedtooutcome-basedcontracts.
Proposition7:Thegoalconflictbetweenprincipalandagentisnegativelyrelatedtobehavior-basedcontractsandpositivelyrelatedtoout-come-basedcontracts.
Proposition8:Taskprogrammabilityispositivelyrelatedtobehavior-basedcontractsandnegativelyrelatedtooutcome-basedcontracts.
Proposition9:Outcomemeasurabilityisnegativelyrelatedtobehavior-basedcontractsandpositivelyrelatedtooutcome-basedcontracts.
Proposition10:Thelengthoftheagencyrelationshipispositivelyrelatedtobehavior-basedcontractsandnegativelyrelatedtooutcome-basedcontracts.
RecommendReading:
Jensen,M.&W.Meckling(1976).Theoryofthefirm:Managerialbehavior,agencycosts,andcapitalstructure.JournalofFinancialEconomics,3:305-360.

Discussion:
Theagency-principlerelationshipinyourdailylife
CasediscussionShareholderslostnearly$11billionwhenEnron'sstockprice,whichhitahighofUS$90pershareinmid-2000,plummetedtolessthan$1bytheendofNovember2001.TheU.S.SecuritiesandExchangeCommission(SEC)begananinvestigation,andrivalHoustoncompetitorDynegyofferedtopurchasethecompanyatafiresaleprice.
Enron'sauditor,ArthurAndersen,wasfoundguiltyinaUnitedStatesDistrictCourt,butbythetimetherulingwasoverturnedattheU.S.SupremeCourt,thefirmhadlostthemajorityofitscustomersandhadshutdown.
Wherearethea