Albuquerque, Rui; Miao, Jianjun - In: Annals of Economics and Finance 14 (2013) 2, pp. 443-479
This paper presents a contracting model of governance based on the premise that CEOs are the main promoters of governance change. CEOs use their power to extract higher pay or private benefits, and different governance structures are preferred by different CEOs as they favor one or the other...
