Ethical Failure Under the Agency Logic
指出，将董事长与CEO完全分离等应对企业伦理失败的措施，仍基于代理逻辑，而该逻辑正是此前改革不足的根源。文章提出以利益相关者理论为基础的价值逻辑，通过赋权合法利益相关者和积极董事会讨论来构建企业伦理框架。
Progressive responses to recent failures in corporate ethical behavior advocate the complete separation of the chairman of the board and the CEO and the elevation of strategic planning, risk management, and financial certification to an independent board. Such proposals follow a linear path from the same agency logic that underpinned previously insufficient corporate governance reforms. After identifying problems associated with the agency logic, this article proposes its replacement with a new value logic, based on stakeholder theory, where empowerment of legitimate stakeholders and active board discourse become preferred mechanisms for a framework of ethical conduct within the firm.