摘要: Abstract Management compensation is often categorized as either sensitive or insensitive to firm performance. This one-dimensional treatment ignores the variation in types and terms of contracts. Through a cross-sectional examination share-holder-authorized arrangements, this paper demonstrates that stock option restricted plans, flexibility afforded board directions negotiating with managers, vary systematically characteristics assets being managed. contracting challenges theorists incorporate richness management contracts into models incentive pay.
elsevier.com
sci-hub.se 参考文章(15)
Bengt Holmstrom, Moral Hazard and Observability The Bell Journal of Economics. ,vol. 10, pp. 74- 91 ,(1979) , 10.2307/3003320
Benjamin E. Hermalin, Michael S. Weisbach, Endogenously Chosen Boards of Directors and Their Monitoring of the CEO Research Papers in Economics. ,(1996)
Paul Milgrom, John Roberts, The Economics of Modern Manufacturing: Technology, Strategy, and Organization The American Economic Review. ,vol. 80, pp. 511- 528 ,(1990)
Zoltán J. Ács, David B. Audretsch, Innovation and Small Firms ,(1990)
Drew Fudenberg, Bengt Holmstrom, Paul Milgrom, Short-term contracts and long-term agency relationships Journal of Economic Theory. ,vol. 51, pp. 1- 31 ,(1990) , 10.1016/0022-0531(90)90048-O
Jennifer J Gaver, Kenneth M Gaver, Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies Journal of Accounting and Economics. ,vol. 16, pp. 125- 160 ,(1993) , 10.1016/0165-4101(93)90007-3
Stewart C. Myers, Determinants of corporate borrowing Journal of Financial Economics. ,vol. 5, pp. 147- 175 ,(1977) , 10.1016/0304-405X(77)90015-0
Clifford W. Smith, Ross L. Watts, The investment opportunity set and corporate financing, dividend, and compensation policies☆ Journal of Financial Economics. ,vol. 32, pp. 263- 292 ,(1992) , 10.1016/0304-405X(92)90029-W
Richard A. Lambert, William N. Lanen, David F. Larcker, Executive Stock Option Plans and Corporate Dividend Policy The Journal of Financial and Quantitative Analysis. ,vol. 24, pp. 409- 425 ,(1989) , 10.2307/2330976
Steven Kaplan, The effects of management buyouts on operating performance and value Journal of Financial Economics. ,vol. 24, pp. 217- 254 ,(1989) , 10.1016/0304-405X(89)90047-0