The Role of Risk in Executive Compensation
研究风险如何影响高管薪酬设计，发现薪酬安排通过鼓励风险承担和优化长期绩效来缓解代理问题，且薪酬维度随公司财务战略背景和CEO风险偏好变化。
The present study was designed to investigate the role of risk in executive compensation. We argue that compensation arrangements may be used to mitigate agency problems by encouraging risk taking behavior and providing incentives for optimizing long-term performance. We examine total compensation, compensation risk, and compensation time horizon. Consistent with our theory, the evidence indicates that these dimensions vary with the financial and strategic context of the firm and with the risk-taking propensity of the CEO.