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"crony capitalism". It is asserted that shareholders do not have enough influence on setting executive pay, which is …
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. Shareholders are the main source of constraints, suggesting directors and investors disagree on how to maximize value. Respondents …
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This paper presents a unified framework for understanding the determinants of both CEO incentives and total pay levels in competitive market equilibrium. It embeds a modified principal-agent problem into a talent assignment model to endogenize both elements of compensation. The model's closed...
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