The agency theory. Case in a private university in the city of Manizales

The objective was to determine the factors that explain the relationship between principal and agent (P-A) in a private higher education institution (HEI) in the city of Manizales. The study was based on the conceptual foundations of the neo-institutional trend, framed by microeconomic and neoliberal models, interpreted in the light of the agency theory. The measurement of the factors that explain the P-A relationship came through data analysis, and thus it was possible to confirm the hypotheses. The P-A relationship in the HEI under study is better explained by external and internal motivational factors rather than by the wage factor. The results assert the importance of aligning the objectives to improve efficiency in the institution