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State university boards of trustees: A principal-agent perspective

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  • Eugenia Toma

Abstract

This paper extends the economic theory of organizations by examining the structure of boards of trustees in public university settings. A major implication of the analysis is that the structure of the board of trustees reflects the costs to politicians of allowing internal agent shirking. Empirical evidence supports this hypothesis and indicates that a system method of governing versus individual board governance of universities is linked to the influence of educators in the political process. Copyright Martinus Nijhoff Publishers 1986

Suggested Citation

  • Eugenia Toma, 1986. "State university boards of trustees: A principal-agent perspective," Public Choice, Springer, vol. 49(2), pages 155-163, January.
    • Handle: RePEc:kap:pubcho:v:49:y:1986:i:2:p:155-163
    DOI: 10.1007/BF00181037
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    References listed on IDEAS

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    1. Fama, Eugene F & Jensen, Michael C, 1983. "Agency Problems and Residual Claims," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 327-349, June.
    2. Alfred D. Chandler, 1969. "Strategy and Structure: Chapters in the History of the American Industrial Enterprise," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530090, December.
    3. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    4. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    5. Klein, Benjamin & Crawford, Robert G & Alchian, Armen A, 1978. "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process," Journal of Law and Economics, University of Chicago Press, vol. 21(2), pages 297-326, October.
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    Cited by:

    1. Kathleen Carroll & Lisa M. Dickson & Jane E. Ruseski, 2013. "Do Faculty Matter? Effects of Faculty Participation in University Decisions," UMBC Economics Department Working Papers 13-06, UMBC Department of Economics.
    2. Shi, Ying & Singleton, John D., 2019. "Expertise and Independence on Governing Boards: Evidence from School Districts," IZA Discussion Papers 12414, Institute of Labor Economics (IZA).
    3. Mixon Jr, Franklin G. & W. McKenzie, Russell, 1999. "Managerial tenure under private and government ownership: the case of higher education," Economics of Education Review, Elsevier, vol. 18(1), pages 51-58, February.

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