incentivizes managers to perform better and thus saves on the cost of providing pay for performance. However, when managerial … talent is scarce, firms compete to attract better managers. This reduces an individual firm's incentives to invest in … by other firms' governance. In equilibrium, better managers end up at firms with weaker governance, and conversely …

affected by, the choice of governance by other firms. Firms with weaker governance offer managers more generous incentive …

Reform (SSSR), state shareholders held restricted shares that could not be traded. This restriction mitigated state …-owned enterprise controlling shareholders' incentives to monitor managers. The data examined show the SSSR strengthens incentives of …

Reform (SSSR), state shareholders held restricted shares that could not be traded. This restriction mitigated state …-owned enterprise controlling shareholders' incentives to monitor managers. The data examined show the SSSR strengthens incentives of …

Reform (SSSR), state shareholders held restricted shares that could not be traded. This restriction mitigated state …-owned enterprise controlling shareholders' incentives to monitor managers. The data examined show the SSSR strengthens incentives of …