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Behavioural Agency Theory

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Abstract

In Chapter 1 it was explained that agency theory has been the dominant theoretical framework for academic research on executive compensation since the mid-1970s. Agency theory is one of a number of theoretical approaches that have been taken by academics in trying to explain executive pay. The literature on senior executive reward is now very extensive, drawing on a variety of scholarly traditions, including economics, law, organisation studies, accounting and finance. In addition to the agency approach, theoretical frameworks include tournament theory, human capital theory, the managerial power hypothesis, institutional theory, political theories and theories about fairness.1 There have been a number of extended literature reviews and comprehensive summaries.2 Behavioural research is a relative new feature of this literature.

Keywords

  • Intrinsic Motivation
  • Agency Theory
  • Extrinsic Motivation
  • Executive Compensation
  • Work Motivation

These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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© 2015 Alexander Pepper

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Pepper, A. (2015). Behavioural Agency Theory. In: The Economic Psychology of Incentives. Palgrave Macmillan, London. https://doi.org/10.1057/9781137409256_3

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