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 …

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

mitigating agency problems between managers and shareholders.We find that both the CEO's industry-adjusted monetary compensation …

the likelihood that the CEO will receive an incentives-based contract, perhaps because governments appoint "bureaucrats …

the likelihood that the CEO will receive an incentives-based contract, perhaps because governments appoint "bureaucrats …

sufficient efficiency to avoid a replacement. Shareholders can remove a manager, but only at a cost, and will therefore only do …