Table 2

Conjunction of main corporate governance theories and practices

THEORIES

PRACTICE


FOCUS

DYNAMICS


Agency:

Control of management; managers and owners/stakeholders have different interests; [23,24]

Supervision of management

Risk minimisation & compliance

Monitoring of performance against targets and objectives

High challenge

Controlling

Critical style in order to achieve goals


Stewardship:

Joint endeavour with management; managers and owners/stakeholders have same interests [25]

Strategic thinking

Emphasis on improvements & excellence in performance & use of resources

Appreciative style to achieve goals

Collaborative


Resource Dependency:

Leveraging of external expertise and influence as organisation success dependent upon fit with external environment [26]

Policy formulation

Horizon scanning

Inward investment of resource and reputation

Predominantly external orientation

Management through influence


Stakeholder:

Mirroring community and society served to ensure that organisation serves its mission and purpose [28,29]

Supervision of management

Monitoring of performance against targets and objectives

Creation of long term public value

System/ society focussed orientation

Consensual

Mindful of sectional or political interests


(Source: [27])

Chambers et al. BMC Health Services Research 2013 13(Suppl 1):S4   doi:10.1186/1472-6963-13-S1-S4

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