In addition to literature on project organizing, research on project governance also draws, to a limited extent, on broadly recognized – and utilized – governance theories. This chapter discusses the implications of three classic governance theories, namely transaction cost economics, agency theory, and stewardship theory, for our understanding of project governance. Each of these widely utilized theories approaches governance from a different perspective. In addition, these theories also embed strong assumptions regarding the motives of individual decision-makers to collaborate. In addition to describing the key assumptions, concepts, and frameworks of the three classic governance theories, the present chapter outlines some of the main implications of these three theoretical lenses on our understanding on project governance as a phenomenon of ongoing discussion within project organizing research.
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