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Managers as Agents Without Principals: An Empirical Examination of Agency and Constituency Perspectives

This study empirically investigated the propositions generated from agency and constituency perspectives about the nature of the managerial role. The managerial role was conceptualized as an integral part of the existing outcome interdependencies and power relations among a set of constituencies. By using time-series data on 160 companies in 10 manufacturing industries and performing three-stage least squares (3SLS) analyses, it was found that both competitive and symbiotic outcome interdependencies exist among the constituencies of organizations, and that these interdependencies are related to the long-term average outcomes of these constituencies. The implications of thesefindings for the symbolic role of managers is discussed.