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The theory of agency can be defined as the theory that human beings are capable of original ideas and are capable of acting in a particular fashion. The theory also recognises that human beings are capable of either acting or adapting to turn the effects of external environment to their own advantages. The deterministic theory as opposed to agency theory, proposes that human beings have no power to control or innovate. The theory further believes that external environment controls the actions of human beings and that man has no control over his environment. If the paradigm wars of the two theories are applied in case of the corporate organisations, they come into play in a big way. The agency theory states that individuals can control their actions which correspond to the internal environment of the organisations. The deterministic theory speaks about uncontrollable and formidable external environment which can be interpreted as the macroeconomic environment. External or macroeconomic environmental environment impact the organisations and require them to form strategies to adapt to it. The organisations form their internal policies or microeconomic environment which they control to adapt to and take advantage of the external environment. Thus, it is possible to reconcile these two theories because no organisation is beyond the effects of the external environment and again all organisations make their own internal environment to use the external environment to their profit. Hence, these two theories come together to form the universal organisational theories which means organisation balance between these two theories.
The organisations are under the strong impact of the external world or environment which decides every aspect and operations of them. To start with, organisations are totally dependent on the external environment which corresponds to the deterministic theory. The external environment is made up of political, economic, social, technological, environmental and environmental summarised as PESTEL. The political factors like laws and policies are the determining factors of the corporate world. The factor is more prominent and crucial for the international companies compared t their national and small scale alternatives. The laws formed by the international bodies like the European Union and the national governments determine the strategies and policies framed by the companies. For example, companies have to frame their policies according to the laws like taxation, labour and so on. The multinational companies like Unilever and ThyssenKrupp have to abide by the export laws pertaining to free trade and subsidies set by European Union while trading with the European countries. The European airline companies can take advantage of the EU-India agreement to operate flights (ec.europa.eu 2017). It goes without saying that the laws formed by the governments and the international bodies are not under the control of the organisations which correspond to the deterministic approach. Air France the airline company of France operates flight services in India based on the EU-India agreement but cannot spread it into other nations (Airfrance.com 2017). Thus, organisations make internal policies to take advantage of the laws. Here, it can be opined that organisations apply agency theory to deal with deterministic theory. The make innovative products and services of their own to expand into countries confirming to the laws (Epstein and Buhovac 2014). Thus the paradigm wars between these two theories make the organisations form strategies to thrive in the market.
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