
Contents
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Introduction Introduction
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Conflict between Owner-Agents Conflict between Owner-Agents
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Multiple Agency Theory—Sources of Conflict Multiple Agency Theory—Sources of Conflict
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Multiple Agency Theory in the Initial Public Offering Context Multiple Agency Theory in the Initial Public Offering Context
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Sources of Multiple Agency Conflict in the Initial Public Offering Context Sources of Multiple Agency Conflict in the Initial Public Offering Context
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Multiple Agency Theory in the Mergers and Acquisitions Context Multiple Agency Theory in the Mergers and Acquisitions Context
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Sources of Multiple Agency Conflict in the Mergers and Acquisitions Context Sources of Multiple Agency Conflict in the Mergers and Acquisitions Context
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Multiple Agency Theory in the Joint Venture Context Multiple Agency Theory in the Joint Venture Context
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Sources of Multiple Agency Conflict in the Joint Venture Context Sources of Multiple Agency Conflict in the Joint Venture Context
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Multiple Agency Theory in the Leveraged Buyout Context Multiple Agency Theory in the Leveraged Buyout Context
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Sources of Multiple Agency Conflict in the Leveraged Buyout Context Sources of Multiple Agency Conflict in the Leveraged Buyout Context
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Multiple Agency Theory in the Bankruptcy Context Multiple Agency Theory in the Bankruptcy Context
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Sources of Multiple Agency Conflict in the Bankruptcy Setting Sources of Multiple Agency Conflict in the Bankruptcy Setting
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Discussion Discussion
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Ramifications for Multiple Agency Conflicts Ramifications for Multiple Agency Conflicts
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The Initial Public Offering Context The Initial Public Offering Context
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The Mergers and Acquisitions Context The Mergers and Acquisitions Context
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The Joint Venture Context The Joint Venture Context
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The Leveraged Buyout Context The Leveraged Buyout Context
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The Bankruptcy Context The Bankruptcy Context
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Cooperation among Agent-Owners Cooperation among Agent-Owners
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Managerial Processes to Deal with Multiple Agent-Owners Managerial Processes to Deal with Multiple Agent-Owners
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Other Future Research Areas Other Future Research Areas
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Note Note
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References References
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30 Multiple Agency Theory: An Emerging Perspective on Corporate Governance
Get accessRobert E. Hoskisson currently holds the George R. Brown Chair of Management at the Jesse H. Jones Graduate School of Management at Rice University, United States. His research focuses on: corporate and international diversification strategies; governance and innovation, and entrepreneurship; acquisitions and divestitures; business groups and strategies of emerging economy firms; and cooperative strategy. Professor Hoskisson's research has been published widely in top management journals and he has co‐authored over twenty books. He is currently an Associated Editor of the Strategic Management Journal as well as serving in a number of other editorial roles or as a board member at other journals. He is a Fellow of the Strategic Management Society and the Academy of Management.
Jonathan D. Arthurs is Associate Dean for Faculty and Research in the College of Business at Oregon State University.
Robert E. White, College of Business, Iowa State University
Chelsea Wyatt, Jones Graduate School of Business, Rice University
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Published:01 July 2013
Cite
Abstract
This chapter studies the problem of multiple agent conflicts. It states that majority of ownership is taken from institutional investors who are also agents to ultimate principals. It studies the dual identities of these institutional investors—who are also called “agent-owners”—and introduces the multiple agency theory. It then expands this theory though an analysis of the potential conflicts and effects caused by agent-owners and other relevant governance actors.
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