Sergeeva, Natalya; Thakur, Sandeep; Selcuk, Cidik; (2024) Re-thinking governance for mega project collaboration: A stewardship theory perspective. In: Proceedings of EURAM 2024 Conference. European Academy of Management (EURAM): Bath, UK.

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Abstract

As megaprojects continue to play a pivotal role in societal and economic development, an exploration of megaproject delivery structure, its challenges and governance model in a collaborative work environment is needed. Megaprojects, characterized by their scale, complexity and transformative potential, have become pivotal components of modern development initiatives. However, managing and governing these colossal endeavors, particularly within an inter-organisational and multi-disciplinary structure, presents unique challenges. In response to these challenges, this paper adopts stewardship theory as an alternative perspective to the previous research on megaproject governance. Stewardship theory, in contrast to the traditional agency theory, emphasizes ethical leadership and the intrinsic motivation of stakeholders. It postulates that individuals, particularly leaders, can act as responsible stewards who prioritize the long-term welfare of the organisation and its stakeholders. Hence, this paper calls for a re-consideration of megaproject governance by embracing stewardship theory that could offer a promising avenue to address the unique challenges posed by inter-organisational collaboration in megaproject governance.

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