Elsaid, Eahab; Davidson III, Wallace N.; Benson, Bradley W. - In: The Quarterly Review of Economics and Finance 49 (2009) 4, pp. 1389-1409
To motivate managers to pursue shareholder interests, boards may design management compensation packages to reward managers for good firm performance. However, Gibbons and Murphy (1992) note that when CEOs are far from retirement, they have career concerns. In these cases, Gibbons and Murphy...