responds more to increases in shareholders' return performance than to decreases. Further, this asymmetry is stronger when …

executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution … of incentives and responsibilities for other members of the top management team. An extension of the standard principal … responsibility. The aggregate pay-performance sensitivity of the top management team is quite substantial, at $30.24 per thousand …

-powered incentives in executive compensation contracts written by shareholders whose objective is to maximize the value of their shares …. We derive the optimal compensation contracts for managers and demonstrate that the use of high-powered incentives will be … limited by the need to soften product market competition. In particular, when managers can be compensated based on their own …

We use an innovative survey tool to collect management practice data from 732 medium sized manufacturing firms in the …-level productivity, profitability, Tobin's Q, sales growth and survival rates. Management practices also display significant cross … tail of extremely badly managed firms. We find that poor management practices are more prevalent when (a) product market …

advanced management practices. Many of these practices - including monitoring, goal setting, and the use of incentives - are … unique data set that combines detailed survey data on the management practices of German manufacturing firms with … longitudinal earnings records for their employees to study the relationship between productivity, management, worker ability, and …