Josh Bendickson

Agency theory: the times, they are a-changin’

Purpose – Theories develop over time and are influenced by both events and people. Looking primarily at the applications between contracting principal-agent relationships, the purpose of this paper is to explore how agency theory emerged from a number of economic and social developments. In doing so, the authors explain how this once dominant theory comes up short regarding varying realms of entrepreneurship as well as with multiple modern business phenomena. Design/methodology/approach – The authors first present a brief overview of agency theory. Second, the authors identify major events and people and address how they impacted the development of agency theory. Third, the authors provide insights on agency theory across three contexts (strategic entrepreneurship, social entrepreneurship, and family business). Implications, limitations, and future research directions are then offered. Findings – The authors provide a deeper understanding of agency theory, thus broadening its underpinnings and enabling re...

Agency theory: background and epistemology

Purpose By revisiting the agency theory literature, this paper aims to both incrementally advance historical viewpoints and reveal four prominent influences on agency theory: Weber and Simon, The Great Depression, Cooperation and the Chicago School. This is critical given that understanding the history behind the authors’ major theoretical lenses is fundamental to using these theories to explain various phenomena. Design/methodology/approach Drawing on a plethora of archival sources and following the influence-mapping approach used by other management history scholars, this manuscript synthesizes historical accounts and archival information to provide a clearer picture of the major historical influences in the formation of agency theory. Findings We shed light on four areas related to management history that helped propel agency theory. Whereas past scholarship has not recognised them as influencers, we find and show how the industrial revolution, unionization, the stock exchange and other management approaches all played a role in the development of agency theory’s core tenants. Originality/value We extend upon the influential people and events that shaped agency theory, thus providing a fuller understanding of the theory’s usefulness. Moreover, we fill in gaps enabling scholars to better understand the context in which the core tenants of agency theory were developed.

The maturing of entrepreneurial firms: Entrepreneurial orientation, firm performance, and administrative heritage

A large body of research has exhibited the positive effect of entrepreneurial orientation (EO) on firm performance. However, research that attempts to explore what happens to high EO firms when they mature is sorely needed. Every firm establishes a heritage over time that impacts future capabilities. In the current research, we build on the international business literature to examine how a firmʼs administrative heritage moderates the long-term effects of the EO-performance relationship, examined through the firmʼs asset specificity, founder tenure, and home culture embeddedness. From this, implications are derived for EO retention and the firmʼs awareness of administrative heritage and how to shape it to their advantage.

On the Road to Recovery: How do Regions Recover after Disasters?

In 2010, the Deepwater Horizon oil spill hit the U.S. Gulf coast and its tourism industry. While it was expected to adversely impact the tourism industry in the region for a long period of time, the region soon recovered and even prospered in the aftermath of this disaster. In this study, we qualitatively study the underlying themes of the recovery process including the psychological elements of the oil spill and its aftermath, the role of various stakeholders, and emerging opportunities for entrepreneurial activity in the area for regional resilience and recovery. In doing so, we contribute to post-disaster recovery and business survival literature, crisis management literature, and regional economic resilience literature, among others.

Chapter 8 Re-Designing Lessons, Re-Envisioning Principals: Developing Entrepreneurial School Leadership

Social entrepreneurs and market-driven organizations are those that hold themselves accountable to both social and financial outcomes; they advance their mission by building focused strategies and sustainable business models that address customer needs and yield competitive advantage. In order to apply these market-based approaches toward social solutions, leaders must first be equipped with skills and resources to build organizational capacity that can deliver results. Wendy Kopp, Founder and Executive Director of Teach for America, recently summarized this point during a convening at the Annie E. Casey Foundation of leaders across sectors: “There’s nothing more important than talent and team in organization building as we think about how to get where we want to go”. Teach for America address. Annie E. Casey Foundation Baltimore, MD).