An important literature has made a fundamental link between corporate governanceand corporate strategy. According to agency theory, assigning managersstock options aligns their interests with the interests of the owners of the firm.This paper suggests that this may not apply in the context of...

In this paper, we investigate the relationship between strategic renewal and the performance of smaller firms (less than 100 employees). We use a panel of micro data on about 1000 Dutch firms. The dataset contains information on aspects of strategic renewal, including process innovation and...