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This paper provides a brief review of the state of knowledge in the field of agency theory. The managerial power approach assumes that a chief executive officer is able to affect the scale of his or her pay. However, Kaplan (2012) and others see a different picture of the corporate-governance...
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financial performance based on corporate awards in SOEs are both stronger than in non-SOEs. Moreover, when managers cannot fully … obtain other forms of incentives (such as perk consumption or equity incentives), the effect of corporate awards on managers …
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