This study explores the most desirable corporate governance in order to search for institution to maximize the trust among all stakeholders through the mathematical model and the system dynamics model based on the agency theory. The simulation discovers what factors are critical to solve the agent problem, by which we show the practical and theoretical implications for the development of institution. For solving the agent problem, it is important for managers to let their voluntary will be positive beyond the authoritative view. Legal approach has imperfect remedies because it gives the agent incentives on opportunistic behaviors which are thrived by external attribution for partnership. For making voluntary decisions through building trust among stakeholders, therefore, our results show that the institutionalization of procedure is necessary for building trust via legal, procedural systems which let the members to argue or negotiate their embedded interests, and which make them to communicate in and out of corporate governance. 

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