Agency problems and ownership forms -- The case of ICA

Walter Schuster

Scandinavian Journal of Management, 1990, vol. 6, issue 4, 251-266

Abstract: This paper looks at some models in agency theory which relate a firm's ownership form to agency problems and residual claims. The discussion is based on a close examination of a successful Swedish firm, ICA, whose ownership form is of theoretical interest. The relevance of the theory in this case is demonstrated by identifying specific problems in ICA from the models. Some factors that are not generally emphasized in the models are also discussed, particularly the interaction of operational and financial factors, and dependencies between firms and hybrid forms of residual claims. The overall conclusion here is that there is a possibility for researchers in positive agency theory to go in a new direction. This direction is characterized by a stronger focus on empirical work concerning more complicated, real residual claims.

Keywords: Ownership; form; agency; theory; residual; claims; contract; cooperative; ICA (search for similar items in EconPapers)
Date: 1990
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