This study addresses multiple-principal agent power dynamics in state-owned enterprises (SOEs) in emerging markets. We investigate under what conditions agents (CEOs) accede to demands of government-linked principals. Our qualitative study in Indonesia advances agency theory by disaggregating and categorizing government-linked principals. We also examine three types of principals demands (commercial, social, and private) and five types of mechanisms influence agent responses with principals private demands (collusion among prin-cipals, career-ending threats by principals, plausible deniability through CSR, political ties as enabler, political ties as buffer). Based on our findings and on insights from the public adminis-tration literature, we develop a conceptual framework that advances multiple agency theory. © 2023 The Authors. Journal of Management Studies published by Society for the Advancement of Management Studies and John Wiley & Sons Ltd.