Angel Agents: Agency Theory Reconsidered
代理理论通常认为高管会利用信息优势剥削所有者，但本文通过历史案例说明，有时所有者反而会损害公司长期利益，而代理人会像管家一样利用信息优势造福公司及其利益相关者。
Executive Overview Agency theory stipulates that executives will use their superior information to exploit owners unless effectively monitored or incentivized to do otherwise: Agents here are held to be opportunists and owners responsible parties. However, sometimes agency theory misses the mark and the reverse holds true. It may be the owners who exploit their firm and compromise its long-term interests, and steward-like agents who use their superior information to benefit a firm and its stakeholders. This analysis provides an inspiring historical example of how that can happen and illustrates some conditions under which one might expect similarly happy circumstances to arise.