Agentuuriteooria

Agentuuriteooria, also known as the agency theory, is a concept in organizational theory that examines the relationship between principals and agents. Principals are individuals or entities that delegate tasks to agents, who are responsible for carrying out those tasks. The theory posits that agents may act in their own self-interest rather than in the best interest of the principal, leading to a potential conflict of interests.

The agency theory was first introduced by Ronald Coase in 1937, who argued that in a market economy, individuals act as agents for others, and that the cost of monitoring and controlling these agents can be significant. This theory has since been expanded upon by other scholars, such as Jerry J. Muller and Richard S. Rumelt, who have explored the implications of agency theory in various organizational contexts.

One of the key assumptions of agency theory is that agents have private information that is not known to the principal. This asymmetry of information can lead to moral hazard, where agents take on more risk than they would if they were fully informed about the situation. To mitigate this risk, principals may implement various mechanisms, such as incentives, penalties, or monitoring systems, to ensure that agents act in the best interest of the principal.

Another important aspect of agency theory is the concept of bounded rationality, which suggests that agents have limited cognitive abilities and may not always make optimal decisions. This can further exacerbate the conflict of interests between principals and agents, as agents may not always act in the best interest of the principal due to their limited rationality.

In summary, agentuuriteooria is a theoretical framework that examines the relationship between principals and agents in an organizational context. It highlights the potential conflict of interests that can arise due to asymmetry of information and bounded rationality, and explores various mechanisms that principals can implement to mitigate these risks.