engleski

Top management turnover from stewardship theory perspective

Stewardship theory rejects fundamental postulates of agency theory and enlightens in a different way the phenomenon of top management turnover. From stewardship theory perspective managers are not self-interested and primarily take account of organizational interest ; they try to do their work properly and they try to be good managers of organizational assets. Managers – stewards build trust and develop organizational commitment what will consequently result in achieving normative and instrumental organizational goals. Stewardship relation is absolutely diverse to agency relation, with interpersonal trust between principal and manager as fundamental category. Distrust or loss of trust may explain the phenomenon of top management turnover regardless whether it occurs in situation when corporate control changes or not. There are many examples of managerial behaviour in business world which could be characterized as attributes of stewardship relation. However, in literature there are none theoretical or empirical papers that deal with management turnover from stewardship theory perspective. Our goal is to develop research assumptions concerning methods and types of top management turnover when stewardship relations are dominant in governing structures.

stewardship theory, top management turnover

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