Agency theory is an important approach in economics that deals with the relationships between principals and agents in organisations. This concept is a theoretical foundation that serves to analyse the interactions and contractual relationships between those who exercise control (principals) and those who act on their behalf (agents). Agency theory attempts to understand possible conflicts and incentives in such relationships and to offer solutions to these problems.

In organisations, principals (usually owners or managers) are tasked with pursuing certain goals, while agents (usually employees or managers) are tasked with achieving these goals on behalf of the principals. However, conflicts of interest can arise here, as agents may pursue their own interests that do not necessarily coincide with the interests of the principals. This potential for conflict is a central theme of agency theory.

Agency theory identifies various mechanisms and instruments that can be used to minimise or control these conflicts. These include incentive structures, contracts, monitoring systems and performance appraisals. The aim is to motivate agents to act in the best interests of the principals while ensuring that the principals can monitor the agents' actions.

Another important aspect of agency theory is the investigation of information asymmetries. This means that agents often have more information about their actions and their effects than the principals. This can lead to moral hazard and adverse selection. Here too, agency theory offers approaches to address these problems and reduce information asymmetry.

In summary, agency theory offers a useful set of tools for analysing and understanding the complex relationships and conflicts of interest in organisations. It helps to develop solutions to improve the efficiency and effectiveness of these relationships. This theoretical approach is of great importance in economics and is applied in various fields such as business management, finance and human resource management.