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Peter Ferdinand Drucker (/ ˈ d r ʌ k ər /; German:; November 19, 1909 – November 11, 2005) was an Austrian American management consultant, educator, and author, whose writings contributed to the philosophical and practical foundations of modern management theory.
In economic theory, the principal-agent approach (also called agency theory) is part of the field contract theory. [36] [37] In agency theory, it is typically assumed that complete contracts can be written, an assumption also made in mechanism design theory. Hence, there are no restrictions on the class of feasible contractual arrangements ...
William "Bill" Henry Meckling II (September 20, 1921 – May 15, 1998) was an American finance professor. Along with Michael Jensen, he published a seminal corporate finance article in 1976 on the "Theory of The Firm". [1]
After retiring at the age of 67, he formed Rensis Likert Associates, an institution based on his theories of management in organizational psychology. He is the author of numerous books about management, conflict, and behavioral research applications, including Human Organization: Its Management and Value and New Ways of Managing Conflict.
The Hersey–Blanchard situational theory: This theory is an extension of Blake and Mouton's Managerial Grid and Reddin's 3-D Management style theory. This model expanded the notion of relationship and task dimensions to leadership, and readiness dimension. 3. Contingency theory of decision-making
Agency theory is the study of problems characterized by disconnects between two cooperating parties: a principal and an agent. [24] Agency problems arise in situations where there is a division of labor, a physical or temporal disconnect separating the two parties, or when the principal hires an agent for specialized expertise. [ 25 ]
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A contingency theory is an organizational theory that claims that there is no best way to organize a corporation, to lead a company, or to make decisions. Instead, the optimal course of action is contingent (dependent) upon the internal and external situation.