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A case of an early 1900s principal-agent relationship in the Mississippi lumber industry

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  • Timothy McCoy
  • Dale Flesher
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    Abstract

    Correspondence for the L. N. Dantzler Lumber Company, dating from 1904, survives in the Lumber Archives of the University of Mississippi. The correspondence is from the personal files of R. Breland, who rose to the position of office manager of the Dantzler Mills. An analysis of the correspondence reveals a unique agency relationship between the Dantzler Lumber Company and Breland. Breland was hired by the Dantzlers as a land agent. At the time, he was also employed by the Finkbine Lumber Company, a competitor of Dantzler's. Breland's behaviour supports the traditional behavioural assumption in agency theory that individuals will maximize their own self-interests with guile. His access to information allowed him to profit at the expense of others. He used his connections in land-related transactions to achieve personal gain.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/095852098330567
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Accounting History Review.

    Volume (Year): 8 (1998)
    Issue (Month): 1 ()
    Pages: 13-31

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    Handle: RePEc:taf:acbsfi:v:8:y:1998:i:1:p:13-31

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    Web page: http://www.tandfonline.com/RABF21

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    Related research

    Keywords: Agency Theory; Timber; Agency Costs;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, vol. 63(2), pages 134-39, May.
    2. Hirshleifer, Jack, 1977. "Economics from a Biological Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 20(1), pages 1-52, April.
    3. Jack Hirshleifer, 1977. "Economics from a Biological Viewpoint," UCLA Economics Working Papers 087, UCLA Department of Economics.
    4. Armen A. Alchian & Harold Demsetz, 1971. "Production, Information Costs and Economic Organizations," UCLA Economics Working Papers 10A, UCLA Department of Economics.
    5. 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 301-25, June.
    6. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    7. Noreen, Eric, 1988. "The economics of ethics: A new perspective on agency theory," Accounting, Organizations and Society, Elsevier, vol. 13(4), pages 359-369, June.
    8. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    9. San Miguel, Joseph G. & Govindarajan, Vijayaraghavan, 1984. "The contingent relationship between the controller and internal audit functions in large organizations," Accounting, Organizations and Society, Elsevier, vol. 9(2), pages 179-188, June.
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