Relación de agencia y monopolio. El caso del tabaco en España (1887-1986)

Abstract

Historical accounting research provides evidence, within the framework of agency theory, of the conflict of interests produced in the organisation. By means of a longitudinal study based on primary sources, the present study aims to examine how agency relationship is regulated by means of formal contracts, as well as to explore the function performed by accounting within that relationship. The case study on which our research is based, and which might constitute an important contribution to the field, examines the leasing of the State tobacco monopoly to a private corporation, from the beginning of this process (1887) until this monopolistic activity starts to decrease (1986). The findings underline that the specific contracts established lead to a significant control of the principal over the agent, and that not all conditions required in order to consider them as “good contractual agreements” are met. On the other hand, accounting appears as a key factor in State control of the lessee corporations. The main conclusion of the study is that the agent takes more risks in the leasing, and that the principal maintains an opportunistic behaviour throughout the whole process, which questions the most widespread assumptions on the theory, and suggests the possibility of softening of the initial assumptions.