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 …

low ones) to encouraging managers to shape highly innovative portfolios. It is argued that this structure resembles …

researchers pay a particular attention to banking governance. Specifically, shareholders-managers’ convergence of interests and … negative effect on performance. The results also reveal that managers lack control while the board of directors seems to exert …