Corporate control and management compensation: Evidence on the agency problem
作者:
Edward A. Dyl,
期刊:
Managerial and Decision Economics
(WILEY Available online 1988)
卷期:
Volume 9,
issue 1
页码: 21-25
ISSN:0143-6570
年代: 1988
DOI:10.1002/mde.4090090102
出版商: John Wiley&Sons, Ltd.
数据来源: WILEY
摘要:
AbstractThis paper finds a relationship between management compensation and corporate control consistent with the hypothesis that in closely held companies major shareholders engage in monitoring activities that reduce the residual loss portion of agency costs. This result is incosistent with Fama's (1980) suggestion that the wage determination process in managerial labor markets may resolve the agency problem.
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