We examine, both theoretically and empirically, top-management compensation in the presence of agency conflicts when shareholders have delegated governance responsibilities to a self-interested Board of Directors (BOD). We develop a theoretical framework that explicitly incorporates the BOD as a...

This paper attacks the problem of developing strategies for a firm to deal with technological change. We show that the product market strategies of the firm-including pricing, product positioning, and rent preemption strategies-can play a role in the efficient search for technology-related...