1 Accounting Research Centre - ARC, Aarhus School of Business, Aarhus BSS, Aarhus University2 Department of Business Studies, Aarhus School of Business, Aarhus BSS, Aarhus University3 Department of Economics and Business - Business Studies, Department of Economics and Business Economics, Aarhus BSS, Aarhus University
the private pension plan
Consider the representation of value in the organizations we rely on for our long retirements. Social security has been symbolized by private mechanisms such as the employment-related pension scheme, yet, reporting requirement would impute its fitness for financial trading. A scheme's financier sees a mounting unsecured debt where its members see practical value. Between the two, a steward who may not profit from its office delegates it to back-office agents whose fiduciary management is engendered by box office-sized bonuses. Standard theorisation has foundered. The architecture of the pension scheme would challenge the most ardent advocate of agency theory; its market rationality enfeebles stewardship theory; while resource dependency and stakeholder analysis shrug off the complexity of substitutable interests. A dialectical reconstruction of network theory allows comprehension at the systemic level, instantiating the symbolic values with the real.
pensions; superannuation; value chain; governance; defined benefit; network theory; dialectic