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Behavioural Agency Theory

In: The Economic Psychology of Incentives

Author

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  • Alexander Pepper

    (London School of Economics and Political Science)

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.

Suggested Citation

  • Alexander Pepper, 2015. "Behavioural Agency Theory," Palgrave Macmillan Books, in: The Economic Psychology of Incentives, chapter 3, pages 26-58, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-40925-6_3
    DOI: 10.1057/9781137409256_3
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    Cited by:

    1. Bhaskar, Ratikant & Bansal, Shashank & Abbassi, Wajih & Pandey, Dharen Kumar, 2023. "CEO compensation and CSR: Economic implications and policy recommendations," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 232-256.
    2. Patrick Velte & Martin Stawinoga, 2020. "Do chief sustainability officers and CSR committees influence CSR-related outcomes? A structured literature review based on empirical-quantitative research findings," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 31(4), pages 333-377, December.
    3. Monomita Nandy & Suman Lodh & Jin Wang & Jaskaran Kaur, 2021. "Does lobbying of firms complement executive networks in determining executive compensation?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4137-4162, July.

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