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Integrity as a bonding mechanism in agency theory

Sinclair Davidson · Journal of Institutional Economics · 2026

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Type
Article
Author
Sinclair Davidson
Identifier
DOI 10.1017/S1744137426100575
Accessed
2026-09-01

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EstablishedJensen and Meckling formalised agency costs as the sum of the principal's monitoring expenditures, the agent's bonding expenditures and the residual loss from divergence between the agent's decisions and those that would maximise the principal's welfare.