Agents or stewards? Linking managerial behavior and moral development

Martynov, Aleksey

doi:10.1108/dlo.2010.08124cad.005

Cited by 9 publications

(17 citation statements)

References 3 publications

(4 reference statements)

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“…A substantial literature sees corporate governance as a practical example of ethics in action (Wieland , McCall , Brickley et al . , Roberts , , Zetzsche , Martynov , Rodriguez‐Dominguez et al . ).…”

Section: Ethics In Corporate Governancementioning

confidence: 98%

Rules of the game: whose value is served when the board fires the owners?

Nordberg

2012

Bus Ethics Eur Rev

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How does a board of directors decide what is right?The contest over this question is frequently framed as a debate between shareholder value and stakeholder rights, between a utilitarian view of the ethics of corporate governance and a deontological one. This paper uses a case study with special circumstances that allows us to examine in an unusually clear way the conflict between shareholder value and other bases on which a board can act. In the autumn of 2010, the board of Liverpool Football Club sold the company to another investing group against the explicit wishes of the owners. The peculiar circumstances of this case provide insight into the conflict between ethical approaches to board decisions, allowing us to see certain issues more clearly than we can in listed corporations with many shareholders. What the analysis suggests is that the board saw more than one type of utility on which to base its ethical decision, and that one version resonated with perceived duties to stakeholders. This alignment of outcomes of strategic value with duties contrasted with the utility of shareholder value. While there are reasons to be cautious in generalizing, the case further suggests reasons why boards may reject shareholder value, in opposition to mainstream notions of corporate governance, without rejecting utility as a base of their decisions. Further, the partial alignment of duty and utility facilitates a pragmatic decision rather than one based on a priori claims.

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Section: Ethics In Corporate Governancementioning

confidence: 98%

Rules of the game: whose value is served when the board fires the owners?

Nordberg

2012

Bus Ethics Eur Rev

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“…The paper by Martynov (2009) can be helpful to introduce and discuss the underlying assumptions of agency theory and their connection with ethics. Martynov (2009, p. 240) specifically contrasts agency theory and stewardship theory: the main assumption of agency theory is that of a self-serving, opportunistic manager, while the main assumption of stewardship theory is that of a pro-social, collectivist manager.…”

Section: Suggestions For Integrating Ethical Considerations In Ma Edumentioning

confidence: 99%

Ethics matters: the integration of ethical considerations in management accounting textbooks

Kolk

2018

Accounting Education

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This paper examines the integration of ethical considerations in management accounting (MA) education. Drawing on the work of Alisdair MacIntyre, it is argued that MA instruments such as performance measurement are not morally neutral, but instead bear moral implications. Therefore, this paper contends that MA students should be trained to take these moral implications into consideration alongside MA's technical aspects. A content analysis is carried out to examine the integration of ethical considerations in top-ranked MA textbooks. The findings indicate that these textbooks, particularly the introductory textbooks, marginally integrate ethical considerations. Furthermore, the findings point to the risk of detaching ethical considerations from the discussion of MA's technical aspects, which may weaken the potential of the ethical considerations and turn them into 'afterthoughts'. Finally, this paper offers practical suggestions for the improvement of the integration of ethical considerations in MA education and concludes with directions for future research.

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“…Stewardship theory has been proposed as another pillar for corporate governance. The theory proposes that people are driven by different preferences and motivations and therefore any model of corporate governance must take this into account (Martynov, 2009). The humanistic assumptions of stewardship theory assume that managers are credible and trustworthy and attach significant value to their own personal reputations.…”

Section: Literature Reviewmentioning

confidence: 99%

“…It stresses that managers can be trusted to act in the interest of the organisation and will not try to expropriate wealth for themselves since their interests are already aligned with those of the principals. Thereby, the concept of opportunistic behaviour is not present within stewardship theory (Donaldson, 1990;Martynov, 2009;Davis et al, 1997). The market for managers with strong personal reputations serves as the primary mechanism to control behaviour, with more reputable managers being offered higher compensation packages.…”

Section: Literature Reviewmentioning

confidence: 99%

Corporate governance and financial performance of listed banks: evidence form emerging market

Appiah

Awunyo‐Vitor

Awuah-Nyarko

2017

IJEA

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One of the important elements in this century's business world that has received attention is corporate governance. The recent economic scandals and financial crisis have made it necessary to investigate the role of corporate governance on firm performance. The survival of firms has thus been associated with the existence and application of good corporate governance practices. This study examines the effect of corporate governance on financial performance of banks listed on the Ghana Stock Exchange. The study employs secondary data collected from 60 firm-year observations, consisting of seven listed banks from 2004 to 2012. The study employs pooled cross-sectional ordinary least squares regression analysis to predict the effect of the corporate governance variables on the financial performance of the listed banks. The findings from the study suggest a negative statistical significant association between board composition and the performance indicators, except for return on equity of the banks. CEO tenure is positively associated with the performance indicators of the banks. It is recommended that the listed banks should implement policies that would define the number of outside directors on their boards to enhance maximum benefits from the practice of good corporate governance.

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Agents or stewards? Linking managerial behavior and moral development

Cited by 9 publications

References 3 publications

Rules of the game: whose value is served when the board fires the owners?

Rules of the game: whose value is served when the board fires the owners?

Ethics matters: the integration of ethical considerations in management accounting textbooks

Corporate governance and financial performance of listed banks: evidence form emerging market

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