Building and testing theory has become a standard requirement in empirical purchasing and supply management (PSM) scholarship today. It is almost impossible to publish research in well-regarded academic journals without providing theoretical contributions. Agency theory is one of many theories, as outlined in this book, which can provide insight into PSM phenomenon and guidance for research in this domain. The core of agency theory concerns settings where one organization delegates work to another, which likewise characterizes the essence of the buyer-supplier exchange, as well as other environments the PSM function actively participates. The purpose of this chapter is to provide an overview of agency theory, with a specific focus on PSM and supply chain scholarship, in order to offer insight as to how this established theoretical framework can be utilized in future research.
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