高管薪酬和激励[文献翻译].doc

文档介绍：pensationAndIncentives外文出处AcodemyofManagementPerspectives,2006(2):p25-40外文作者 :,academics,policymakers,(CEOs),’,‘skimmingview’,,,,wedocumentthepatternofexecutivepayandincentivesintheUnitedStates,:WhoSetsExecutivePay?Beforeexaminingtheempiricalevidencepresentedinthispaper,itisimportanttoconsiderthepay--,retain,andmotivateCEOs,executives,,,however,(shareholder)designsacontractandmakesanoffertoanagent(CEO/manager).pensationamelioratesamoralhazardproblem(.,manageropportunism),restrictedstock,andlong-termcontracts,,,Guay,andLarcker,anefficient(oroptimal)contractisone“expectedeconomicvaluetoshareholdersaftertransactioncosts(suchascontractingcosts)...contractsminimizeagencycos