's core business and explorative inventions. It implies that managers diversify their innovation portfolios and decrease …

observed executive pay arrangements. Instead, I turn to the paradigm of tournament theory-in which CEO pay is a prize awarded …. Introducing tournament theory into the mix of how firms motivate their CEOs can explain features of CEO pay that are either … arrangements indicate a corporate governance failure, whereby CEOs exercise so much influence over boards that managers are …

employee productivity. Consistent with tournament theory, we show that the pay gap between the CEO and the Vice Presidents …

This study adopts behavioral contract theory through a mathematical model and clarifies the situation in which a fixed …

findings could provide implications for managers and regulators to enhance governance practice to alleviate firm devaluation …