By Catherine Gowthorpe
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Agency theory assumes that both the principal and agent seek to ‘maximise their utility’. Utility in the economic context is a measurement of consumption of goods and services. It is assumed that all individuals want to maximise their ability to consume. In non-economic terms it means that they want to earn as much as possible for their work (this may be in money or in goods and services or other types of advantage like occupying the best office), and that this is their sole motivation. If agency theory correctly reflects normal human preferences, it means that the agent (manager) will act in the best interests of the principal (investor) only where it suits his or her own purposes to do so.
5 Unity of direction – people in an organisation should work to a common set of objectives. 6 Subordination of individual interest – individual interests should be subordinated to general interests. 7 Remuneration – should be fair. 8 Centralisation – to the degree appropriate to the nature of the business. 9 Line of authority – the line of authority running through the hierarchy from top to bottom should not be too long. Communication should work up and down the hierarchy, but in the interests of efficiency, lateral communication (between people on the same level in the organisation) should also take place, provided that the communication process is properly supervised.
The study yielded the unexpected result that productivity increased in both groups. The level of illumination was proven to be irrelevant. The conclusion drawn from the experiments was that participants’ behaviour had changed purely because of their involvement in the experiment. According to Haslam (2004), an organisational psychologist [Note: this section of the chapter draws extensively upon Haslam’s account, and explanation, of Mayo’s work]: ‘the “Hawthorne effect” has become a widely recognized phenomenon in psychological research – referring to the capacity for peoples’ behaviour to change as a result of their participation in research, rather than as a result of the nature of the research’ (p.