CEO incentives, innovation, and performance in technology‐intensive firms: a reconciliation of outcome and behavior‐based incentive schemes
研究了206家美国制造企业，发现技术密集度越高，CEO奖金越与财务结果挂钩，总激励与发明共鸣和科学收获两种创新行为相关，且这些关联能预测市场绩效。
Abstract Building on the agency view of corporate governance, we propose that technology‐intensive firms use both outcome and behavior‐based performance criteria for rewarding CEOs. Using a sample of 206 firms from 12 U.S. manufacturing industries, we find that as technological intensity increases CEO bonuses are more closely linked to financial results and that total CEO incentives are associated with two indicators of desirable innovation behaviors: invention resonance and science harvesting. Invention resonance refers to the impact a firm's inventions have on other firms' inventions, while science harvesting reflects a firm's commitment to scientific research. As technological intensity increases, aligning bonus with financial results, total incentives with invention resonance, and total incentives with science harvesting predict firm market performance. Copyright © 2006 John Wiley & Sons, Ltd.