instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …

viewed as detrimental to shareholders. We also find that there is commonly a big difference between a state's ability to …

constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

shareholders' legal protection and of accounting standards can instead be seen as resulting from the implied reduction in … shareholders' auditing and monitoring costs. …

hurt minority shareholders. Legal shareholder protection affects both the expropriation of shareholders and the blockholder … and small shareholders. Moreover, strengthening legal minority shareholder protection may have adverse effects on the … shareholders, e.g., equal treatment rules, can be detrimental. …

shareholders’ protection in transitional economies. Shareholder’s opportunities to extract private benefits of control turn out to …

. The effect is stronger the greater the competition for managers and the stronger the managerial bargaining power. While …

aversion generates endogenous disagreement between a firm's insider and outside shareholders, creating a new rationale for …