Journal articles: 'Stewardship theory'

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Chrisman, James J. "Stewardship Theory: Realism, Relevance, and Family Firm Governance." Entrepreneurship Theory and Practice 43, no. 6 (April 12, 2019): 1051–66. http://dx.doi.org/10.1177/1042258719838472.

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Stewardship theory is a popular alternative to agency theory for studying family firm governance. Despite its contributions to management and family business studies, stewardship theory’s assumptions limit its realism and relevance. Using agency theory as a standard of comparison, I discuss stewardship theory’s model of man and its assumptions concerning goal alignment and control systems. I also discuss stewardship theory’s lack of assumptions about bounded rationality and pre-employment situations since the neglect of those issues reduce its realism and relevance. Based on this discussion, I argue that to increase its realism and relevance, stewardship theory’s assumptions should be revised.

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Rahmawati, Alni, Moeljadi Moeljadi, Djumahir Djumahir, and Sumiati Sumiati. "How Do Agency Theory, Stewardship Theory and Intellectual Capital as a Solution for Agency Conflict?" Journal of Management Research 10, no. 2 (April 17, 2018): 94. http://dx.doi.org/10.5296/jmr.v10i2.12843.

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The article aims to integrate agency theory, stewardship theory and intellectual capital in minimizing agencies conflict. The theories were approached by identifying organizational principles according to perspective of shareholders, then comparison of applications of agency theory, stewardship theory and intellectual capital contributing to the principal relationship with the agent in minimizing agencies conflict in order to contribute to enhancement of corporate value was discussed and empirical studies on perspectives of agency, stewardship and intellectual capital perspective specialized in human capital and structural capital were examined. The deep study of the theories concluded, it is necessary to integrate agency theory and stewardship theory and intellectual capital in effort of minimizing agencies conflict and enhancing corporate value. Further, it can be suggested that perspective of agency theory explains the importance of multi-principles framework, with perspectives of stewardship theory and intellectual capital showing a situation in which agent has the same interest as principle or to be motivated to make action for the sake of the best interest of the principal in minimizing agencies conflict and enhancing value of the company. Empirical literature can add more thoughts on agency issues integrated with stewardship theory and intellectual capital that can contribute to the study of the issues.

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Keay, Andrew. "Stewardship theory: is board accountability necessary?" International Journal of Law and Management 59, no. 6 (November 13, 2017): 1292–314. http://dx.doi.org/10.1108/ijlma-11-2016-0118.

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Purpose The purpose of the paper is to demonstrate that notwithstanding the fact that stewardship theory embraces things like trust of directors, their professionalism, loyalty and willingness to be concerned for the interests of others, as well as rejecting the foundations of classic agency problems that are asserted by agency theory, board accountability is as relevant to stewardship theory as it is to agency theory. Design/methodology/approach The paper applies the theory underlying board accountability in corporate governance, which is so often applied both in the corporate governance literature and in practice with agency theory in mind, to stewardship theory. Findings While the idea of accountability of boards is generally associated with an explanation and conceptualisation of the role and behaviour of directors as agents within classic agency theory, the paper demonstrates that board accountability is a necessary part of board life even if the role of directors is explained and conceptualised in terms of stewardship theory. Practical implications The paper suggests some accountability mechanisms that might be employed in a stewardship approach. Originality/value While many authors have talked in general terms about board accountability and its importance, this is the first paper that has engaged in a substantial study that links board accountability directly with stewardship theory, and to establish that accountability is necessary.

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Fox, Mark A., and Robert T. Hamilton. "OWNERSHIP AND DIVERSIFICATION: AGENCY THEORY OR STEWARDSHIP THEORY." Journal of Management Studies 31, no. 1 (January 1994): 69–81. http://dx.doi.org/10.1111/j.1467-6486.1994.tb00333.x.

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Neubaum, Donald O., Christopher H. Thomas, Clay Dibrell, and Justin B. Craig. "Stewardship Climate Scale." Family Business Review 30, no. 1 (October 22, 2016): 37–60. http://dx.doi.org/10.1177/0894486516673701.

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While stewardship theory is often used to explain family business outcomes, no prior empirical study has used a validated measure of stewardship. We, therefore, surveyed 846 managers and subordinates from 221 family and nonfamily firms in the United States and Australia to develop a reliable and valid Stewardship Climate Scale. We found family firms have a stronger stewardship climate and the relationship between stewardship climate and performance is mediated by innovativeness, and the effects of stewardship are stronger in family firms, confirming the value of stewardship theory, and our scale, when explaining family business outcomes.

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Davis, James H., F. David Schoorman, and Lex Donaldson. "Toward a Stewardship Theory of Management." Academy of Management Review 22, no. 1 (January 1997): 20. http://dx.doi.org/10.2307/259223.

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Davis, James H., F. David Schoorman, and Lex Donaldson. "TOWARD A STEWARDSHIP THEORY OF MANAGEMENT." Academy of Management Review 22, no. 1 (January 1997): 20–47. http://dx.doi.org/10.5465/amr.1997.9707180258.

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Dumay, John, Matteo La Torre, and Federica Farneti. "Developing trust through stewardship." Journal of Intellectual Capital 20, no. 1 (February 14, 2019): 11–39. http://dx.doi.org/10.1108/jic-06-2018-0097.

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Purpose This paper examines the gap between reporting and managers’ behaviour to challenge the current theoretical underpinnings of intellectual capital (IC) disclosure practice and research. The authors explore how the key features from IC and integrated reporting can be combined to develop an extended model for companies to comply with EU Directive 2014/95/EU and increase trust in corporate disclosures and reports. Design/methodology/approach This essay relies on academic literature and examples from practice to critique the theories that explain corporate disclosure and reporting but do not change management behaviour. Based on this critique, the authors argue for a change in the fundamental theories of stewardship to frame a new concept for corporate disclosure incorporating using a multi-capitals framework. Findings We argue that, while the inconsistency between organisations’ reporting and behaviour persists, increasing, renewing or extending the information disclosed is not enough to instil trust in corporations. Stewardship over a company’s resources is necessary for increasing trust. The unanticipated consequences of dishonest behaviour by managers and shareholders compels a new application of stewardship theory that works as an overarching guide for managerial behaviour and disclosure. Emanating from this new model is a realisation that managers must abandon agency theory in practice, and specifically the bonus contract. Research limitations/implications We call for future empirical research to explore the role of stewardship theory within the dynamics of corporate disclosure using the approach. The research implications of those studies should incorporate the potential impacts on management behaviours within a stewardship framework and how those actions, and their outcomes, are disclosed for rebuilding public trust in business. Practical implications The implications for integrated reporting and reports complying with the new EU Directive are profound. Both instruments rely on agency theory to coax managers into reducing information asymmetry by disclosing more. However, agency theory only re-affirms the power managers have over corporate information. It does not change their behaviour, nor to act in the interest of all stakeholders as the stewards of an organisation’s resources. Social implications We advocate that, in business education, greater emphasis is needed on how stewardship has a more positive impact on management behaviour than agency, legitimacy and stakeholder theories. Originality/value We reflect on the current and compelling issues permeating the international landscape of corporate reporting and disclosure and explain why current theories which explain corporate disclosures do not change behaviour or engender trust in business and offer an alternative disclosure model based on stewardship theory.

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Patel, Payal K., and Arjun Srinivasan. "Moving Antibiotic Stewardship from Theory to Practice." Journal of Hospital Medicine 12, no. 5 (May 1, 2017): 382–83. http://dx.doi.org/10.12788/jhm.2741.

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Donaldson, Lex, and James H. Davis. "Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns." Australian Journal of Management 16, no. 1 (June 1991): 49–64. http://dx.doi.org/10.1177/031289629101600103.

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Segal, Lydia, and Mark Lehrer. "The Institutionalization of Stewardship: Theory, Propositions, and Insights from Change in the Edmonton Public Schools." Organization Studies 33, no. 2 (February 2012): 169–201. http://dx.doi.org/10.1177/0170840611433994.

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Prior scholarship on stewardship as a principle of administration largely portrays stewardship as too idealistic and dependent upon situational factors to be institutionalized in large-scale organizations. Through a case study of the Edmonton Public Schools, this study explores the extent to which stewardship can be institutionalized as a central organizing principle, thereby ensuring performance and checking corruption in ways that are consistent with the primacy of intrinsic motivation. The study deepens our understanding of the challenges that managers face in reconciling stewardship with a bureaucratic context, documents practices that have been used to deal with these challenges, and more broadly discusses how it might be possible for islands of stewardship to emerge in a world governed by assumptions of human opportunism. To this end the paper develops a model of the choice that organization members face in deciding to elect a principal-agent or a stewardship posture within large-scale organizations. This model draws on assumptions of human ambivalence in choosing between self-serving and altruistic modes of conduct.

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Cockburn, Jessica, Georgina Cundill, Sheona Shackleton, and Mathieu Rouget. "Towards Place-Based Research to Support Social–Ecological Stewardship." Sustainability 10, no. 5 (May 4, 2018): 1434. http://dx.doi.org/10.3390/su10051434.

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Concerns about ecological degradation and social inequalities have prompted increasing calls for stewardship in the social–ecological systems and sustainability science literature. However, how can the ideals of stewardship be realised in practice? The links between the theory and practice of stewardship are under-developed, and research to support place-based stewardship practice is limited. We therefore bring together complementary perspectives to guide research on place-based stewardship practice in the context of multifunctional landscapes. We unpack and synthesise literature on stewardship, landscapes, and collaboration for natural resource management, and highlight the ways in which the pathways approach can deepen research on collaboration and stewardship practice. We propose landscapes as a suitable level of analysis and action for stewardship. Since all landscapes are multifunctional, we argue that collaboration among multiple stakeholders is a necessary focus of such research. Our analysis reveals that existing theory on collaboration could be deepened by further research into the agency of individual human actors, the complex social–relational dynamics among actors, and the situatedness of actors within the social–ecological context. These factors mediate collaborative processes, and a better understanding of them is needed to support place-based stewardship practice. To this end, the pathways approach offers a waymark to advance research on collaboration, particularly in the complex, contested social–ecological systems that tend to characterize multifunctional landscapes.

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KASHIWAGI, Hitoshi. "Stewardship theory: A management theory based on a self-actualizing man." Japanese Journal of Administrative Science 18, no. 3 (2005): 235–44. http://dx.doi.org/10.5651/jaas.18.235.

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Singh, Baljeet, and Amit Anand Tiwari. "Customer stewardship behavior and stewardship fatigue: a conceptual framework." Marketing Intelligence & Planning 38, no. 3 (November 26, 2019): 386–99. http://dx.doi.org/10.1108/mip-02-2019-0071.

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Purpose The purpose of this paper is threefold: first, to develop the concept of customer stewardship fatigue (CSF) in service marketing literature; second, to reveal three processes through which CSF arises; and third, to identify contextual resources that can accentuate or diminish the processes, thereby influencing the development of CSF in service employees. Design/methodology/approach This conceptual paper builds on the job-demand resource model and the conservation of resources theory to identify positive and negative contextual resources that can accentuate or diminish the translation of a frontline service employee’s (FLSEs) stewardship orientation into stewardship fatigue (SF). Findings The findings highlight how low perceived organizational support, low customer gratitude and high customer cynicism could create situations in which display of stewardship behaviors will be associated with SF. Practical implications The paper can aid practitioners to formulate strategies that can curb the development of SF among FLSEs and help service organizations maintain healthy relationships with customers. Originality/value The authors fill an important gap in the literature with regard to stewardship through this study. Though researchers have attempted to broaden the concept of stewardship, they have failed to explain the costs and challenges that might be associated with the frequent display of stewardship behaviors. The SF framework developed herein closes this gap, and conceptually develops an early understanding of the negative consequences of continuous engagement in stewardship behaviors.

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Muth, Melinda, and Lex Donaldson. "Stewardship Theory and Board Structure: a contingency approach." Corporate Governance 6, no. 1 (January 1998): 5–28. http://dx.doi.org/10.1111/1467-8683.00076.

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Ramadhani, Febrina Nur, Lilik Purwanti, and Aji Dedi Mulawarman. "Theory of stewardship in the marriage of female migrant workers: Perspectives of accounting and accountability." ATESTASI : Jurnal Ilmiah Akuntansi 4, no. 1 (January 25, 2021): 1–10. http://dx.doi.org/10.33096/atestasi.v4i1.589.

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This research explores accounting and accountability practices in the families of female workers (TKW) in East Java, based on the concept of stewardship theory. The study was carried out using a qualitative approach to ethnomethodology; we obtained data on 10 TKW individuals from East Java through in-depth interviews with the FGD technique. The results show that, based on the concept of stewardship theory, the implementation of accounting and accountability practices in TKW families has been applied. In TKW families, accounting and accountability practices aim to control the financial management of the husband's family so that it does not exceed the budget set by the wife and there is no deviation in the use of funds. This study shows that the application of the concept of stewardship theory can avoid various disputes that may arise due to problems of accountability for financial management. The application of the concept of stewardship theory, on the other hand, affects accounting practices that pay attention only to material aspects to lead TKW families to the spirit of capitalism

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Ramadhani, Febrina Nur, Lilik Purwanti, and Aji Dedi Mulawarman. "Theory of stewardship in the marriage of female migrant workers: Perspectives of accounting and accountability." Atestasi : Jurnal Ilmiah Akuntansi 4, no. 1 (March 31, 2021): 1–10. http://dx.doi.org/10.57178/atestasi.v4i1.157.

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This research explores accounting and accountability practices in the families of female workers (TKW) in East Java, based on the concept of stewardship theory. The study was carried out using a qualitative approach to ethnomethodology; we obtained data on 10 TKW individuals from East Java through in-depth interviews with the FGD technique. The results show that, based on the concept of stewardship theory, the implementation of accounting and accountability practices in TKW families has been applied. In TKW families, accounting and accountability practices aim to control the financial management of the husband's family so that it does not exceed the budget set by the wife and there is no deviation in the use of funds. This study shows that the application of the concept of stewardship theory can avoid various disputes that may arise due to problems of accountability for financial management. The application of the concept of stewardship theory, on the other hand, affects accounting practices that pay attention only to material aspects to lead TKW families to the spirit of capitalism.

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Krzeminska, Anna, and Anica Zeyen. "A Stewardship Cost Perspective on the Governance of Delegation Relationships." Nonprofit and Voluntary Sector Quarterly 46, no. 1 (July 9, 2016): 71–91. http://dx.doi.org/10.1177/0899764016643610.

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We explore how nonprofits can effectively govern delegation relationships. We extend stewardship theory by conceptualizing stewardship costs—costs in delegation relationships based on stewardship behavior. As stewards are theorized as other-regarding, self-actualizing, and intrinsically motivated, so far, literature almost exclusively points to the positive performance potential of stewardship behavior. Addressing this shortcoming, we develop propositions showing how stewardship selection costs rooted in the psychological characteristics of stewardship behavior and stewardship management costs rooted in situational factors of stewardship behavior occur during relationship formation and maintenance, and how they counteract the potential to increase performance. We identify and systematize opportunity costs of delayed growth, limited growth potential, and lost standardization gains, as well as increased selection and management costs. To demonstrate the theoretical potential and empirical relevance of our framework, we illustrate our arguments by referring to social franchising, a scaling strategy considered relevant for nonprofits as well as social enterprises.

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Torfing, Jacob, and Tina Øllgaard Bentzen. "Does Stewardship Theory Provide a Viable Alternative to Control-Fixated Performance Management?" Administrative Sciences 10, no. 4 (November 3, 2020): 86. http://dx.doi.org/10.3390/admsci10040086.

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Stewardship theory provides an interesting alternative to agency theory, which in the recent New Public Management era supported the introduction of rigorous performance management systems based on generalized mistrust in and control of public employees. However, we lack empirical validation of the feasibility and positive outcomes of the new forms of trust-based management recommended by stewardship theory. As such, there are few examples of alternative ways of boosting the motivation of public employees that can serve as beacons for public service organizations (PSOs) eager to find new ways of motivating their staff to create public value for the users of public services and society as a whole. This article aims to remedy this problem by exploring a seemingly successful empirical case of trust-based management to see whether the core principles of stewardship theory apply and how new management practices may influence the motivation and well-being of the employees, the perceived satisfaction and involvement of the users, and overall organizational performance, including cost efficiency.

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Glinkowska, Beata, and Bogusław Kaczmarek. "Classical and modern concepts of corporate governance (Stewardship Theory and Agency Theory)." Management 19, no. 2 (December 1, 2015): 84–92. http://dx.doi.org/10.1515/manment-2015-0015.

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Summary The main issues in efficiency of a company as an organisation are relations between the Supervisory Board and the Management Board of a company, and the methods of functioning of Supervisory Boards in governance systems of a company. The classical and modern approach to the role, place, and importance of corporate governance presented in this article, is yet another prompt to continue searching for the optimum in the organisational, economical, and social meaning.

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Eddleston, Kimberly A. "Commentary: The Prequel to Family Firm Culture and Stewardship: The Leadership Perspective of the Founder." Entrepreneurship Theory and Practice 32, no. 6 (November 2008): 1055–61. http://dx.doi.org/10.1111/j.1540-6520.2008.00272.x.

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This commentary considers the role of the founder in establishing a family firm's culture. Drawing from transformational leadership theory, it is argued that a founder who displays transformational leadership behaviors may be more likely to establish a family firm culture that reflects family commitment, stewardship, and strategic flexibility. As such, this commentary extends the article by Zahra, Hayton, Neubaum, Dibrell, and Craig by linking stewardship theory with transformational leadership theory, and viewing family firm culture as an intervening mechanism between leadership behaviors and strategic flexibility.

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Guhwan Won. "Applications of Stewardship Theory to Local Public Service Accountability." Korean Public Management Review 22, no. 4 (December 2008): 507–29. http://dx.doi.org/10.24210/kapm.2008.22.4.020.

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Eddleston, Kimberly A., and Franz W. Kellermanns. "Destructive and productive family relationships: A stewardship theory perspective." Journal of Business Venturing 22, no. 4 (July 2007): 545–65. http://dx.doi.org/10.1016/j.jbusvent.2006.06.004.

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Martin, John A., and Frank C. Butler. "Agent and stewardship behavior: How do they differ?" Journal of Management & Organization 23, no. 5 (January 30, 2017): 633–46. http://dx.doi.org/10.1017/jmo.2016.72.

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AbstractThe purpose of this study is examine how agency theory and stewardship theory lead to different firm-level outcomes on an array of different outcomes. Based on these differences, we argue for the development of an agent–steward measurement scale, which will help researchers classify chief executive officers (CEOs) along an agent–steward continuum. This, in turn, will spur research to predict and test CEO behaviors and firm-level outcomes. Agency theory suggests CEOs take advantage of their powerful positions to maximize their personal economic utility, whereas stewardship theory suggests CEOs are motivated through intrinsic awards and will balance their interests with those of other stakeholders. We use these theories to examine possible differences in CEO behaviors. This is important because different CEO behaviors might lead to differing impacts on important firm-level outcomes. This paper reviews the relevant agency and stewardship literatures, then offers propositions regarding CEO behaviors from agent and steward perspectives.

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Burghausen, Mario, and John M. T. Balmer. "Corporate heritage identity stewardship: a corporate marketing perspective." European Journal of Marketing 49, no. 1/2 (February 9, 2015): 22–61. http://dx.doi.org/10.1108/ejm-03-2013-0169.

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Purpose – The purpose of this empirical study was to introduce the theory of corporate heritage stewardship by focussing on the nascent corporate heritage identity domain. In particular, the research explores managers’ collective understanding of their organisation’s corporate heritage and how the latter is marshalled, and strategically represented, by them. The case study was undertaken in Great Britain’s oldest extant brewery. Established in 1698, Shepherd Neame is one of UK’s oldest companies. Design/methodology/approach – Empirical research informed by a theory-building, case study using qualitative data. This study draws on multiple sources of data generated through semi-structured interviews, the analysis of documents and non-participant observations. The analysis of data was facilitated by a multi-stage coding process and a prolonged hermeneutic interaction between data, emerging concepts and extant literature. Findings – Corporate heritage identity stewardship theory argues that the strategic enactment of a corporate heritage identity is predicated on a particular management mindset, which is meaningfully informed by three awareness dimensions expressed by managers (i.e. awareness of positionality, heritage, and custodianship). These awareness dimensions are underpinned by six managerial stewardship dispositions characterised by a sense of: continuance, belongingness, self, heritage, responsibility and potency. The findings are synthesised into a theoretical framework of managerial corporate heritage identity stewardship. Research limitations/implications – The insights from this empirical case study meaningfully advance our theoretical understanding of the corporate heritage identity domain. Whilst the empirical contribution of this study is qualitatively different from statistical/substantive generalisations, which seek to establish universal laws, the research insights are valuable in terms of theory-building in their own terms and are analytically generalisable. The insights from this study have the potential to inform further studies on corporate heritage identities, including research underpinned by a positivistic, and quantitative, methodology. Practical implications – The findings have utility for corporate marketing management, in that they illustrate how a collective corporate heritage mindset can both inform, as well as guide, managers in terms of their stewardship of their firm’s corporate heritage identity. The theoretical framework is of utility in practical terms, in that it reveals the multiple dimensions that are significant for management stewardship of a corporate heritage identity. Originality/value – The research confirms and expands the notion of management stewardship in corporate identity in corporate marketing contexts by identifying how a multi-dimensional managerial mindset has constitutive and instrumental relevance. Moreover, this study identifies the distinct characteristics of this corporate identity type – corporate heritage identity – which are revealed to have a saliency for managers. Both insights underpin the corporate heritage identity stewardship theory explicated in this article.

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Dodd, Sarah Drakopoulou, and Bruno Dyck. "Agency, Stewardship, and the Universal-Family Firm." Family Business Review 28, no. 4 (August 25, 2015): 312–31. http://dx.doi.org/10.1177/0894486515600860.

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This article introduces the idea of a nonkinship-based Universal-family firm, an organizational form we developed based on interpreting historical writings in their socioeconomic context. We analyzed Luke’s gospel with an eye toward drawing implications for the stewardship agency debate in the contemporary family business literature. Our article makes contributions at two important levels. In addition to introducing and developing theory about the Universal-family firms, we also contribute to the methodological toolkit of family business scholars by providing a template for using historical documents to challenge, enhance, and develop theory.

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Sayumwe, Michel. "Corporate Governance: An Overview. From Creation of Value for Shareholders by the Board to the Duality Role of Its Chairperson." Journal of Business Administration Research 8, no. 1 (March 7, 2019): 40. http://dx.doi.org/10.5430/jbar.v8n1p40.

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In this paper, we discuss the evolution of the literature on corporate governance based on many theoretical perspectives, including agency theory, stakeholder theory, theory of resource dependence and stewardship theory.

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Vallejo-Martos, Manuel Carlos, and Raquel Puentes-Poyatos. "Family firms as incubators for ethical behavior: An exploratory study from the perspective of stewardship theory." Journal of Management & Organization 20, no. 6 (November 2014): 784–807. http://dx.doi.org/10.1017/jmo.2014.55.

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AbstractThis work aims to determine whether family firms have differential characteristics that make them better incubators for ethical behavior from the perspective of stewardship theory. Results show that the psychological and situational factors that stewardship theory points to as determinants in the construction of principal–steward relationships are more evident in family firms than in non-family firms. These factors result in the behavior of owners and non-family employees becoming more ethical – with all the benefits this implies for these firms.

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Saidu Badara, Mu’azu. "The Relevant of Contingency Theory and Stewardship Theory on the Internal Audit Research." Journal of World Economic Research 6, no. 2 (2017): 17. http://dx.doi.org/10.11648/j.jwer.20170602.11.

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Lehrer, Mark, and Lydia Segal. "The stewardship organization: essential characteristics and conditions of feasibility." American Journal of Business 35, no. 3/4 (August 3, 2020): 175–90. http://dx.doi.org/10.1108/ajb-04-2020-0046.

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PurposeThe paper explores the nature and facilitating conditions of “stewardship organizations,” that is, organizations in which stewardship behavior rather than principal–agent behavior defines the operative principles of management.Design/methodology/approachThe paper falls into two parts: the first part of the analysis develops a theory of the stewardship organization, and the second part develops a contingency framework concerning the feasibility of stewardship organizations.FindingsStewardship organizations are characterized by three interlocking traits: (1) the overall mission of the organization, (2) the organization's internal control systems and (3) the “motivational environment” of the stewardship organization. Since stewardship organizations cannot be identified on the basis of stated mission alone, it is necessary to determine whether the mission involves a higher calling that has been internalized by organizational members to the point of constituting a vital part of how the organization runs on a day-to-day basis.Practical implicationsOne key role of leadership in such organizations is to manage mission drift and to reduce the ambiguity of the mission and organization goals.Social implicationsLitmus tests are proposed for identifying an authentic stewardship organization in contradistinction to those whose socially minded values are ancillary or a marketing ploy.Originality/valueThis is the first systematic attempt to characterize the stewardship organization. After providing three specific examples of such organizations, the contribution identifies key markers of bona fide stewardship organizations.

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TAN, Petrina Tjin Yi. "Institutional Investor Stewardship in the UK and Malaysia: Functionally Similar, Contextually Challenged." Asian Journal of Comparative Law 14, no. 2 (November 11, 2019): 279–304. http://dx.doi.org/10.1017/asjcl.2019.31.

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AbstractInstitutional investors are acknowledged as an influential force in markets worldwide. As a result of increased focus on the impact from the investing and shareholding practices of institutional investors, stewardship codes were first introduced in the UK, followed by Malaysia. This article evaluates the theory and practice of institutional investor stewardship in Malaysia through functional and contextual lenses, as juxtaposed against the more established position of stewardship in the UK. Notwithstanding an analogous legal framework for shareholder rights and the textual similarities of the UK Stewardship Code and Malaysian Code for Institutional Investors, the dominance of government-linked investment companies and government-linked companies in Malaysia results in a distinct set of issues in relation to institutional investor stewardship. This article then argues that the stewardship codes are in themselves insufficient in increasing the quality and scope of institutional investor engagement as they fail to address the underlying agency conflicts between the institutional investors and ultimate beneficiaries or clients. In learning from the UK's experience, it is important that Malaysian policymakers pay attention to the overarching structural factors and incentives driving institutional investor engagement alongside the development and take-up of the stewardship code.

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Muhamat, Amirul Afif. "A Review Paper on Governance for Takaful Operators (Islamic Insurance Companies)." Turkish Journal of Islamic Economics 8, no. 1 (February 15, 2021): 35–58. http://dx.doi.org/10.26414/a094.

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The article reviews past literature on the governance aspect of takaful operators. This aspect has been given limited attention in literature on Islamic finance compared to other components such as Islamic banking and Islamic capital market. Therefore, major articles concerning governance issues of takaful operators are discussed and special consideration has been given to the UK Stewardship Code and the Malaysian Rating Corporation (MARC) guidelines for Islamic financial institutions. Interestingly, this article suggests that the Malaysian Rating Corporation (MARC) guidelines for Islamic financial institutions and the UK Stewardship Code should be used as references in order to develop dedicated stewardship guideline for Islamic financial institutions like takaful operators. The stewardship theory is compatible with the Islamic notion of al-falah. Therefore, by having specific stewardship guidelines for the takaful operators it can further encourage policyholders’ engagement with the takaful operators’ management. Last but not least, this article contributes to discussion in this area especially on the possibility of having a set of stewardship guidelines for the Islamic financial institutions (IFIs)such as takaful operators.

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Colarossi, Fabrizio, Marco Giorgino, Roberto Steri, and Diego Viviani. "A corporate governance study on Italian family firms." Corporate Ownership and Control 5, no. 4 (2008): 93–103. http://dx.doi.org/10.22495/cocv5i4p8.

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In this paper we investigate three corporate governance issues in 30 Italian family firms: (i) the orientation either to the Agency Theory or to the Stewardship Theory; (ii) the board of directors’ composition; (iii) the ability to involve nonfamily individuals in the company’s management and governance (Openness Index) and the decision-making quality (Extension Index) and we analyze empirical results through a cluster analysis by following the Gubitta and Gianecchini’s approach (2002). Our conclusion suggests that (i) small Italian family firms’ corporate governance systems seem to be consistent with the guidelines suggested by the Stewardship Theory and (ii) Italian family firms’ boards are characterized by a relevant presence of family members.

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Akume, Ben. "Developing Capabilities for Sustainability in Family Small Enterprises." International Journal of Entrepreneurship and Governance in Cognitive Cities 1, no. 2 (July 2020): 9–23. http://dx.doi.org/10.4018/ijegcc.2020070102.

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Though literature in family perpetuity and sustainability is well documented from the advanced economies, there is scarcity of insights from emerging markets where this research relates. The study, therefore, sought to investigate, understand, and interpret the underlying drivers of sustainability in small family businesses using the stewardship theory paradigm in the Nigerian family business environment. A qualitative method with 41 in-depth interviews involving owners and managers of family-owned small and medium businesses was conducted. The study empirically shows that there is an interrelationship between family structure and business sustainability; hence, the practice of polygamy was found to be inimical to family business success and sustainability. Building on the stewardship theory, the paper develops a model of sustainability for small and medium family businesses. The study contributes to the theoretical literature on stewardship and family business sustainability.

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Turnbull, John W., Graeme F. Clark, and Emma L. Johnston. "Conceptualising sustainability through environmental stewardship and virtuous cycles—a new empirically-grounded model." Sustainability Science 16, no. 5 (June 9, 2021): 1475–87. http://dx.doi.org/10.1007/s11625-021-00981-4.

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AbstractHumans depend on earth’s ecosystems and in the Anthropocene, ecosystems are increasingly impacted by human activities. Sustainability—the long-term integrity of social–ecological systems—depends on effective environmental stewardship, yet current conceptual frameworks often lack empirical validation and are limited in their ability to show progress towards sustainability goals. In this study we examine institutional and local stewardship actions and their ecological and social outcomes along 7000 km of Australia’s coastline. We use empirical mixed methods and grounded theory to show that the combination of local and institutional stewardship leads to improved ecological outcomes, which in turn enhance social values and motivate further stewardship to form a virtuous cycle. Virtuous cycles may proceed over multiple iterations, which we represent in a new spiral model enabling visualisation of progress towards sustainability goals over time. Our study has important implications for collaborative earth stewardship and the role of policy in enabling virtuous cycles to ultimately realise sustainable futures.

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Perlman, Bruce J., Christopher G. Reddick, and Yueping Zheng. "Agency vs. Stewardship Theory in Local Government Contracted Mobile Apps." International Journal of Public Administration in the Digital Age 7, no. 4 (October 2020): 16–34. http://dx.doi.org/10.4018/ijpada.20201001.oa2.

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This paper examines citizen satisfaction levels with local government contracted mobile platforms and applies two theories of the contracting relationship to them: principal-agent and stewardship theory. It uses survey data to compare citizen satisfaction factors for mobile phone applications (apps) contracted by Chinese local governments. It looks at contracting out, a key element of privatization, from a unique perspective. Most research on government contracting focuses on cost and quality in service delivery. This research looks at citizen satisfaction with contracted mobile platforms. Ordered logistic regression analysis is used on data from a user survey of local government contracted mobile apps in 30 cities in China. The study found that the strongest predictors of contracted mobile apps satisfaction were usability, overall app satisfaction, and trust, supporting the stewardship theory. The results challenge existing research showing that citizen satisfaction is influenced more by openness and trust than by cost, at least in mobile apps.

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Clarke, Melissa. "Earth Stewardship: Linking Ecology and Ethics in Theory and Practice." Environmental Ethics 38, no. 1 (2016): 121–24. http://dx.doi.org/10.5840/enviroethics20163818.

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Obermann, Jörn, Patrick Velte, Jannik Gerwanski, and Othar Kordsachia. "Mutualistic symbiosis?" Management Research Review 43, no. 8 (February 22, 2020): 989–1011. http://dx.doi.org/10.1108/mrr-07-2019-0317.

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Purpose Although principal–agent theory has gained a prominent place in research, its negative image of self-serving managers is frequently criticized. Thus, the purpose of this paper is to examine how existing theories of agency and stewardship can be combined by using behavioral characteristics. Design/methodology/approach This study reviewed articles on the behavior of agents and stewards from the domains of finance, economics, management, corporate governance and organizational research. Additional theoretical and meta-analytical empirical literature from the fields of psychology and sociology was used to account for general patterns of human behavior. Findings The results indicate that goal congruency and the perception of fairness can serve as moderators distinguishing agency theory and stewardship theory. Goal congruency can be achieved by stipulating psychological ownership. The perception of distributive and procedural fairness is demonstrated by two major corporate governance mechanisms: performance-based compensation and board monitoring. The results are summarized in six hypotheses that allow a situational, customized corporate governance. These hypotheses can be tested in future research. Originality/value Prior work either focused on the merits of principal-agent theory or advocates the utilization of positive management theories, such as stewardship theory. However, little work has been done on bridging the gap between both constructs and develop a more extensive view of management theory.

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Erikson, Truls, Chris Coleridge, and Ekaterina S. Bjornali. "Agency Theory vs. Stewardship Theory: CEO Duality and Board Behavioural Integration in New Ventures." Academy of Management Proceedings 2020, no. 1 (August 2020): 17243. http://dx.doi.org/10.5465/ambpp.2020.17243abstract.

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Taylor, R. G., and S. A. Lynham. "Systemic leadership for socio-political stewardship." South African Journal of Business Management 44, no. 1 (March 30, 2013): 87–99. http://dx.doi.org/10.4102/sajbm.v44i1.150.

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The role of business leadership in defining, and enacting, societal values and providing consolidating influences relative to change processes is increasingly being recognised. This role is best defined as one of “stewardship”, embracing the securing of social, political and economic futures. For business leadership, the increased recognition of the ability for it to influence the trajectory of change, and indeed the expectation that it should do so, brings with it a need to revisit contemporary understandings of leadership and how that leadership is best engaged so as to facilitate desirable outcomes.This paper adopts a critical position relative to the conventional “leader, follower, situation” configurations of leadership thinking. Drawing on theory located within the knowledge domain of systems thinking and network theory, leadership is redefined at a conceptual level, hence to understand the processes by which it is enacted and experienced and how, therefore, it can be better practiced in the broader socio-political domain. Leadership is considered as an emergent phenomenon that creates definitional distinction between actors and process so as to provide new insights.The paper includes outcomes of a research study that was conducted amongst business leadership in South Africa. The study covered the period 1984-1994, a period of considerable large scale change in South Africa, during which time lessons about leadership were learned. These lessons validate the significant potential that business leadership has for monitoring and influence beyond the immediate concerns of business itself. The assumption of the role of “steward” typified much of what emerged from that engagement, but also gave opportunity for reflections about revised theoretical frameworks for leadership practice in the 21st Century. The case material arising from this research also provides demonstration of the appropriateness of the theoretical propositions that form the conceptual basis for the paper.

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Barnes, Joy M., and Pamela Bradshaw. "Interventions to Decrease Inappropriate Antibiotic Use for Non-acute Respiratory Illness in Long-Term Care Settings." International Journal of Studies in Nursing 4, no. 3 (June 21, 2019): 28. http://dx.doi.org/10.20849/ijsn.v4i3.599.

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Background: The life-saving power of antibiotics could be lost forever if leaders fail to implement effective antibiotic stewardship programs at all healthcare levels. Grahams’ Knowledge to Action theory guided the development of an antibiotic stewardship program in a long-term care facility that had received a citation for having no active antibiotic stewardship program as required by federal regulations. Purpose: The purpose of this project was to develop and implement an evidence-based antibiotic stewardship program into one long-term care facility. Methods and Materials: This quality improvement project was a population-based systems charter development. The implementation intervention was designed to change the way health care professionals treat non-acute episodes of upper respiratory infections in a long-term care setting. This project utilized the suspected lower respiratory infection (LRI) Situation, Background, Assessment, Recommendation (SBAR) form to reduce the number of antibiotics given during the early part of cold and influenza season of 2018. An antibiotic stewardship policy was developed by multidisciplinary team members and then implemented into the facilities daily practice. Results: The point-prevalence rate of antibiotics within this facility dropped from 24% in 2017 to 6% in 2018 after implementation of the antibiotic stewardship program. Conclusion: This project demonstrates how long-term care facilities can successfully implement an antibiotic stewardship program and potentially improve overall healthcare outcomes for the residents.

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Hiebl, Martin R. W. "Agency and stewardship attitudes of chief financial officers in private companies." Qualitative Research in Financial Markets 7, no. 1 (February 2, 2015): 4–23. http://dx.doi.org/10.1108/qrfm-12-2012-0032.

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Purpose – This paper aims to explore the differing attitudes of salaried chief financial officers (CFOs) that can be associated with agency theory and stewardship theory. CFO attitudes are investigated because CFOs typically face additional agency conflict in their roles as overseers of the financial and accounting functions that are responsible for the production of numerical information used as a basis for incentive compensation. Design/methodology/approach – A qualitative field study of 14 large privately held Austrian manufacturing companies was conducted. The findings rely on information retrieved from 18 semi-structured interviews conducted with individuals from these companies. Findings – The findings reveal a number of contextual factors that influence stewardship and agency attitudes of salaried CFOs. CFOs, who mainly report formally to owners, perceive more control in the hands of the owners. Short-term management appointments appear to facilitate agency-like behavior, whereas the existence of owner–managers and the typical CFO's maturity in terms of age and wealth seem to nurture stewardship behavior. Research limitations/implications – Further (quantitative) research is needed to corroborate the findings in this study, which are derived from a qualitative research approach. Further research on agency and stewardship behavior should also include the view of principal with respect to agent actions, as this paper shows that principal opinion strongly affects the way agents perceive control. Practical implications – The findings suggest that the behavior of company owners can influence and change a manager's agency or stewardship attitude. Owners who desire a culture of stewardship should set long-term goals and facilitate long-term management appointments. Moreover, owners can lower a manager's perceived level of owner control by adopting an active role in management. Originality/value – This paper is the first to analyze stewardship and agency attitude of salaried CFOs in privately held companies. It, therefore, adds to the current literature on the role of the CFO, as well as to the literature on governance issues in privately held firms.

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Szymczak, Julia, Brandi Muller, Nikitha Shakamuri, Keith Hamilton, Elizabeth Dodds Ashley, Hilary Babcock, Rebekah Moehring, Jason Newland, and Ebbing Lautenbach. "The Impact of Social Role Identity on Communication in Hospital-Based Antimicrobial Stewardship." Antimicrobial Stewardship & Healthcare Epidemiology 1, S1 (July 2021): s14. http://dx.doi.org/10.1017/ash.2021.25.

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Background: Evidence-based hospital antimicrobial stewardship interventions, such as postprescription review with feedback, prior authorization, and handshake stewardship, involve communication between stewards and frontline prescribers. Hierarchy, asymmetric responsibility, prescribing etiquette, and autonomy can obstruct high-quality communication in stewardship. Little is known about the strategies that stewards use to overcome these barriers. The objective of this study was to identify how stewards navigate communication challenges when interacting with prescribers. Methods: We conducted semistructured interviews with antimicrobial stewards recruited from hospitals across the United States. Interviews were audio recorded, transcribed, and analyzed using a flexible coding approach and the framework method. Social identity theory and role theory were used to interpret framework matrices. Results: Interviews were conducted with 58 antimicrobial stewards (25 physicians and 33 pharmacists) from 10 hospitals (4 academic medical centers, 4 community hospitals, and 2 children’s hospitals). Respondents who felt empowered in their interactions with prescribers explicitly adopted a social identity that conceptualized stewards and prescribers as being on the “same team” with shared goals (in-group orientation). Drawing on the meaning conferred via this social role identity, respondents engaged in communication strategies to build and maintain common bonds with prescribers. These strategies included moderating language to minimize defensive recommendations when delivering stewardship recommendations, aligning the goals of stewardship with the goals of the clinical team, communicating with prescribers about things other than stewardship, compromising for the sake of future interactions, and engaging in strategic face-to-face interaction. Respondents who felt less empowered in their interactions thought of themselves as outsiders to the clinical team and experienced a heightened sense of “us versus them” mentality with the perception that stewards primarily serve a gate-keeping function (ie, outgroup orientation). These respondents expressed deference to hierarchy, a reluctance to engage in face-to-face interaction, a feeling of cynicism about the impact of stewardship, and a sense of low professional accomplishment within the role. Respondents who exhibited an in-group orientation were more likely than those who did not to describe the positive impact of stewardship mentors or colleagues on their social role identity. Conclusions: The way antimicrobial stewards perceive their role and identity within the social context of their healthcare organization influences how they approach communication with prescribers. Social role identity in stewardship is shaped by the influence of mentors and colleagues, indicating the importance of supportive relationships for the development of steward skill and confidence.Funding: NoDisclosures: None

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Danker, Frederick W., and Kyoung-Jin Kim. "Stewardship and Almsgiving in Luke's Theology." Journal of Biblical Literature 118, no. 4 (1999): 759. http://dx.doi.org/10.2307/3268141.

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Akume, Ben, and Osarumwense Iguisi. "Developing capabilities for sustainability in family owned SMEs: An emerging market scenario." International Journal of Research in Business and Social Science (2147- 4478) 9, no. 6 (October 26, 2020): 24–36. http://dx.doi.org/10.20525/ijrbs.v9i6.840.

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The academic discourse on ‘family’ perpetuity in family-owned businesses (FOB) is still burgeoning. Current findings suggest the importance of family control and family inter-generational sustainability in family-owned businesses. Though literature in family perpetuity and sustainability is well documented from the advanced economies, there is a scarcity of insights from emerging markets where this research relates. The study, therefore, sought to investigate, understand and interpret the underlying drivers of sustainability in small and medium family businesses using the stewardship theory paradigm and relying on evidence from an emerging market economy the Nigerian family business environment. A qualitative method with 41 in-depth interviews involving owners and managers of family-owned small and medium businesses was conducted. The study empirically shows that there is an interrelationship between family structure and business sustainability, hence the practice of polygamy was found to be inimical to family business success and sustainability. The study also showed that the element of spirituality arising from the ideals and values of the owning family is a significant factor for ensuring family wellbeing and business sustainability, and founding owner characteristics (industry experience) and impacts positively on the business performance and continuity. The study confirmed that the stewardship of non-family member employees within the business is provisional stewardship as non-family members rely on other incentives from the owning family members to behave as stewards. Building on the stewardship theory, the paper develops a model of sustainability for small and medium family businesses. The study contributes to the theoretical literature on stewardship and family business sustainability

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Peng, Mike W., Shujun Zhang, and Xinchun Li. "CEO Duality and Firm Performance during China's Institutional Transitions." Management and Organization Review 3, no. 2 (July 2007): 205–25. http://dx.doi.org/10.1111/j.1740-8784.2007.00069.x.

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Does CEO duality – the practice of one person serving both as a firm's CEO and board chair – contribute to or inhibit firm performance? Agency theory suggests that CEO duality is bad for performance because it compromises the monitoring and control of the CEO. Stewardship theory, in contrast, argues that CEO duality may be good for performance due to the unity of command it presents. The empirical evidence, largely from developed economies, is largely inconclusive. This article joins the debate by extending empirical work to the largely unexplored context of institutional transitions. Our findings, based on an archival database covering 403 publicly listed firms and 1,202 company-years in China, offer stronger support for stewardship theory and relatively little support for agency theory. Finally, we also call for a contingency perspective to specify the nature of conditions such as resource scarcity and environmental dynamism under which CEO duality may be especially valuable.

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Gusc, Joanna, and S. (Onno) Omta. "Headquarters-subsidiary relationship governance in Poland." Journal on Chain and Network Science 11, no. 1 (January 1, 2011): 49–68. http://dx.doi.org/10.3920/jcns2011.x189.

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The study addresses the views of agency and stewardship theory on governance of the relationship between headquarters and subsidiaries. It explores the influence of strategy, task environment and cultural differences on this relationship. The conceptual model is explored based on a survey of 76 polish subsidiaries of multinational enterprises (MNEs) from 12 countries using partial least squares. The results show that the agency and stewardship mechanisms are used alongside each other, and are complementary. Agency mechanisms provide the platform on which stewardship mechanisms are built. Unexpectedly, the international strategy of the MNEs does not appear to influence the effectiveness and choice of the governance mechanisms. It is concluded that MNEs should recognise contextual and cultural differences in designing the headquarters-subsidiary governance.

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Harrison, Virginia S. "Understanding the donor experience: Applying stewardship theory to higher education donors." Public Relations Review 44, no. 4 (November 2018): 533–48. http://dx.doi.org/10.1016/j.pubrev.2018.07.001.

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Kluvers, Ron, and John Tippett. "An exploration of stewardship theory in a Not-for-Profit organisation." Accounting Forum 35, no. 4 (December 2011): 275–84. http://dx.doi.org/10.1016/j.accfor.2011.04.002.

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Boon, Jan. "Moving the governance of shared service centres (SSCs) forward: juxtaposing agency theory and stewardship theory." Public Money & Management 38, no. 2 (January 16, 2018): 97–104. http://dx.doi.org/10.1080/09540962.2018.1407135.

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Journal articles on the topic 'Stewardship theory'

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