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Stewardship Theory or Agency Theory: CEO Governance …

Stewardship Theory or Agency Theory : 3. CEO Governance and Shareholder Returns by Lex Donaldson . James H. Davis . Abstract: Agency Theory argues that shareholder interests require protection by separation of incumbency of ro les of board chair and CEO. Stewardship Theory argues shareholder interests are maximised by shared incumbency of these ro les. Results of an empirical test fail to support Agency Theory and provide some support for Stewardship Theory . Keywords: Stewardship Theory ; Agency Theory ; CEO; CHAIR OF BOARD;. SHAREHOLDER RETURNS; RETURN ON EQUITY. Australian Graduate School of Management, University of New South Wales, PO Box 1, Kensington NSW 2033.

alternative to agency theory and which may be termed stewardship theory (Donaldson 1990a, 1990b; Barney 1990). The executive manager, under this theory, far from being an opportunistic shirker, essentially wants to do a good job, to be a good steward of the corporate assets. Thus, stewardship theory holds that

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  Agency, Theory, Stewardship, Agency theory, Stewardship theory

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