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Financial structure, managerial compensation and monitoring

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Financial structure, managerial compensation and monitoring

Cerasi, Vittoria (contributor); Daltung, Sonja (contributor) - 2007

When a firm has external debt and monitoring by shareholders is essential, managerial bonuses are shown to be an optimal solution. A small managerial bonus linked to firm's performance not only reduces moral hazard between managers and shareholders, but also between creditors and monitoring...

Persistent link: https://www.econbiz.de/10003498162