Control: Vital Ingredient in Business Annotated Bibliography

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Function of Control

Ekanayake, S. (2004). Agency Theory, National Culture and Management Control Systems.

The Journal of American Academy of Business, Cambridge. 4(1/2), 49-54.

Credibility: Author Analysis

Dr. Samson Ekanayake is a senior lecturer with the Faculty of Business & Law at Deakin University in Victoria, Australia. His work is in the School of Accounting Economics & Finance at Deakin University. Ekanayake was educated at the University of Kent (UK) and at Lancaster University (UK). He has had substantial experience working in private industry, including serving as finance manager for Mitsubishi Machinery Industry and serving as an economist with the Fiji Sugar Corporation.

Credibility: Intended Audience

The intended audience for this scholarly article is not clearly explained but it appears to be an ideal way to introduce students and other interested parties to agency theory, and how agency theory dovetails with management control systems. Those recent university graduates who plan to go into business or work for a corporation would do well to read and study the ideas and linkages that Ekanayake offers.

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Credibility: Findings

Ekanayake gets right to the point in his article, explaining that agents (employees) are "opportunistic and will always engage in self-serving behavior" when they have a chance (49). And so, control systems must be in place in order to monitor, reward, penalize or simply to evaluate the behaviors of agents. Those control systems give management ("principals") the tools in order to curb those opportunistic moments that agents may use -- with some personal or professional motive.

It seems as though Ekanayake is actually doing more than simply presenting the agency theory; he has had practical experience in the private business world and he understands that unless controls are in place, employees will drift away from the….....

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