Executive Compensation, Strategic Competition, and Relative Performance Evaluation: Theory and Evidence
作者： Rajesh K. Aggarwal , Andrew A. Samwick
关键词: Microeconomics 、 Strategic competition 、 Empirical evidence 、 Executive compensation 、 Economics 、 Product market 、 Incentive 、 Evaluation theory 、 Compensation (psychology) 、 Competition (economics)
摘要: We examine compensation contracts for managers in imperfectly competitive product markets. show that strategic interactions among firms can explain the lack of relative performance-based incentives which decreases with rival firm performance. The need to soften market competition generates an optimal contract places a positive weight on both own and Firms more industries place greater performance find empirical evidence sensitivity is increasing degree industry.
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