Board Monitoring, Consulting, and Reward Structures*
研究了股权薪酬对董事会公司治理（签约与监督）和咨询角色的短期与长期激励效应，发现短期激励对两者都必要，长期激励仅有助于咨询角色。
In general, board of directors’ compensation consists of stock option grants, equity stakes, meeting fees, and cash retainers. In this paper, we examine the short-term and long-term incentive effects of equity-based compensation on the board’s corporate governance (contracting and monitoring) and advisory (consulting) roles. We show that without short-term incentives, the board cannot effectively fulfill both roles. Providing the board with long-term incentives does help the advisory role, but, perhaps surprisingly, does not help with respect to the corporate governance role.