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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.

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.

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.

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.

Owners of the US-based sport teams are seeing consistent gains on their financial investments, no matter the success of their teams on the playing field or their impact on the surrounding community. Sports teams are a part of an ecosystem comprised of primary and secondary stakeholders. The authors explore this phenomenon using a stakeholder perspective to understand how different business models and ownership structures optimize stakeholder value.

The authors employ an evaluative conceptual approach to examine the dominant model in the US, European ownership structures and public-private partnerships (PPPs). T finalize these comparisons by exploring a fourth business model and ownership structure – a relatively unique option in the US deployed by the Green Bay Packers – which we refer to as the maximized value partnership (MVP). These comparisons are followed by practical advice for owners in regard to these governance mechanisms.

The MVP ownership model has the potential to level the playing field between public and private actors. This potential is realized by fusing some of the best practices from European football clubs, in particular aspects of the stock market and supporter trust models.

By evaluating the most common ownership structures for sports teams, t provide an alternative model as well as practical advice for owners.

The authors aim to present a procedure for the parallel, steady and unsteady conjugate, Navier–Stokes/heat-conduction rotor-stator interaction analysis of multi-blade-row, film-cooled, turbine airfoil sections. A new grid generation procedure for multiple blade-row configurations, including walls, thermal barrier coatings, plenums, and cooling tubes, is discussed.

Steady, multi-blade-row interaction effects on the flow and wall thermal fields are predicted using a Reynolds’s-averaged Navier–Stokes (RANS) simulation in conjunction with an inter-blade-row mixing plane. Unsteady, aero-thermal interaction solutions are determined using time-accurate sliding grids between the stator and rotor with an unsteady RANS model. Non-reflecting boundary condition treatments are utilized in both steady and unsteady approaches at all inlet, exit and inter-blade-row boundaries. Parallelization techniques are also discussed.

The procedures developed in this research are compared against experimental data from the Air Force Research Laboratory’s turbine research facility.

The software presented in this paper is useful as both the design and analysis tool for fluid system and turbomachinery engineers.

This research presents a novel approach for the simultaneous solution of fluid flow and heat transfer in film-cooled rotating turbine sections. The software developed in this research is validated against experimental results for 2D flow, and the methods discussed are extendable to 3D.

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.

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.

The authors provide a deeper understanding of agency theory, thus broadening its underpinnings and enabling readers to more readily understand why agency theory is limited in its explanation of certain and modern business phenomena. The authors find that some of the seminal influences to agency theory are quite dated which has limited its explanatory power in terms of the modern day business and with more recent disciplines such as entrepreneurship.

The authors are limited by their choices of major events that influenced agency theory at the expense of not being able to include everything that may have impacted the theory over time. These limitations, however, are offset by the research implications. As the authors highlight the underpinning of agency theory, the authors subsequently provide scholars and practitioners with five primary boundary conditions, each of which are in need of attention for agency theory to maintain relevant explanatory power.

A deeper understanding of agency theory can be gained by looking at its underpinnings. By presenting numerous principal-agent conflicts and demonstrating areas in which it has fallen short (i.e. entrepreneurship and more recent business phenomenon), we shed light on the obstacles agency theory must overcome in order to maintain its position as a prominent theory.

The variance targeting estimator (VTE) for generalized autoregressive conditionally heteroskedastic (GARCH) processes has been proposed as a computationally simpler and misspecification-robust alternative to the quasi-maximum likelihood estimator (QMLE). In this paper we investigate the asymptotic behavior of the VTE when the stationary distribution of the GARCH process has infinite fourth moment. Existing studies of historical asset returns indicate that this may be a case of empirical relevance. Under suitable technical conditions, we establish a stable limit theory for the VTE, with the rate of convergence determined by the tails of the stationary distribution. This rate is slower than that achieved by the QMLE. The limit distribution of the VTE is nondegenerate but singular. We investigate the use of subsampling techniques for inference, but find that finite sample performance is poor in empirically relevant scenarios.

The “categorization as a theoretical tool” framework is delineated to clarify how innovation is possible even though candidates for exchange face a “categorical imperative” – pressure from their audience to adopt the conventional practices associated with existing categories. The key insight is that categorization is generally a useful tool for sorting and screening exchange opportunities. This insight is developed to suggest how the nature of the imperative varies with the audience’s objectives and the theory of value it espouses and how the strength of the imperative varies with the social challenges and opportunities for engaging in, and learning from, experiments with unconventionality.

Organizations are currently striving to become more sustainable, as resources dwindle and social desirability for sustainability increases. This is important in public sector organizations as well as private, and exemplars are needed. Therefore, this chapter provides a description of how a public housing authority in pursuit of a social mission parlayed an energy performance contract into a triple bottom line sustainability journey. The Cuyahoga Metropolitan Housing Authority's (CMHA) sustainability journey has been shaped most significantly by the commitment of CMHA leadership to collaboration (internal and external) as a core strategy. The chapter provides a rich description of CMHA's emergent partnerships with various organizations in their environment; focusing first on energy and later encompassing social, ecological, and economic sustainability. It describes and analyzes the leadership that emerged which played an essential role in supporting the complexity of increasing collaborative involvement. New theories of leadership, most specifically Complexity Leadership Theory (Uhl-Bien & Marion, 2008), emergent leadership (Goldstein et al., 2010), and adaptive leadership (Heifetz, 1994) are used to make sense of the leadership philosophy and actions that worked in the sustainability journey.

This study examined the human and social capital factors associated with higher post‐succession firm performance in family enterprises in Singapore. We also investigated the moderating influence of the board of directors in terms of its service role as stewards of the enterprise. We found that a successor’s industry experience and diversity of network ties were positively associated with firm performance and boards that focused their role as advisors to the successor enhanced post‐succession firm performance.