The following quotation is from . “The collapse of energy giant Enron in 2001 showed how catastrophic the agency problem can be. The company’s officers and board of directors, including Chairman Kenneth Lay, CEO Jeffrey Skilling and CFO Andy Fastow, were selling their Enron stock at higher prices due to false accounting reports that made the stock seem more valuable than it truly was. After the scandal was uncovered, thousands of stockholders lost millions of dollars as Enron share values plummeted.” (a) Using the text book, reading proposed in this course and other material you have identified yourself, explain in detail what “agency theory” is and what the “agency problem” is, clearly identifying and explaining the various facets of the agency problem and which author(s) identified each facet of the problem. (35 marks). (b) Again, using a variety of relevant literature, identify and explain critically the solutions that have been proposed in the literature to the various facets of the agency problems you have identified in Part (a), again attributing clearly the authorship of each solution. (35 marks) (c) Once again making reference to appropriate literature, summarise the arguments for and against agency theory being an adequate description of corporate governance problems that arise globally in the 21st century. (30 marks)
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