Agency Theory and the Motivational Effect of Management Compensation
通过实验研究，发现董事会控制水平能减少管理者的机会主义行为，且高固定薪酬和有利的经理人市场条件会强化这一效果。
Agency research has concluded that executive compensation through fixed salary promotes managerial opportunism, whereas equity ownership promotes managers' compliance with stockholders' interests. Using an experimental design, this study examined the extent to which these motivational effects of compensation are conditioned by the level of board control and conditions in the managerial labor market. Participants' opportunistic behavior was negatively affected by the level of board control. This effect was reinforced by high fixed salary compensation and favorable conditions in the managerial labor market.