Implications of Indian Philosophy and Mind Management for Agency Conflicts and Leadership: A Conceptual Framework

IF 1.8 Q3 MANAGEMENT
A. S. Pande, Ranjan Kumar
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引用次数: 2

Abstract

The unceasing stream of corporate scams and financial misdemeanours establish that agency conflicts are a stark reality of the contractual relationship between principals and agents. Agency theory identifies four sources of agency conflicts at the leadership level: moral hazard, earnings retention, risk aversion and time horizon. The theory proposes an outcome- and/or behaviour oriented mitigating mechanism based on agency costs. However, as the real-world evidence shows, these mechanisms have been only partially effective. In this context, the present study conducts a diagnosis of agency conflicts at the leadership level, trying to understand its origin, sources, mitigating mechanism and its limitations. The paper then takes a novel approach for bridging the gap between the current state of conflicts and the desired state of absence from conflicts, by examining Indian philosophical systems. It identifies the characteristics of Indian philosophy rooted in the Vedic wisdom as integrative, holistic, stressing on a direct experience of vision of the truth, emphasising practicality, and promoting the goal of self-realization through mind management. The paper then leverages the pithy aphorisms (sutras) from Indian philosophical texts to develop a mind management framework as a tool to mitigate agency conflicts.
印度哲学和心理管理对机构冲突和领导力的影响:一个概念框架
源源不断的公司诈骗和财务不端行为证明,代理冲突是委托人和代理人之间合同关系的一个鲜明现实。代理理论确定了领导层代理冲突的四个来源:道德风险、收益保留、风险规避和时间范围。该理论提出了一种基于代理成本的以结果和/或行为为导向的缓解机制。然而,正如现实世界的证据所表明的那样,这些机制只是部分有效。在这种背景下,本研究对领导层的机构冲突进行了诊断,试图了解其起源、来源、缓解机制及其局限性。然后,本文通过考察印度的哲学体系,采取了一种新颖的方法来弥合当前冲突状态和期望的冲突缺席状态之间的差距。它将植根于吠陀智慧的印度哲学的特征确定为综合性、整体性,强调对真理的直接体验,强调实用性,并通过心理管理促进自我实现的目标。然后,本文利用印度哲学文本中的精辟格言(经典),开发了一个心理管理框架,作为缓解代理冲突的工具。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.90
自引率
31.20%
发文量
25
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