Corporate Control, Crime, and Compensation: An Empirical Examination of Large Corporations
研究发现，在经理控制的企业中，高管薪酬与企业犯罪发生率正相关，而在所有者控制的企业中则无此关系，表明监督不足时犯罪导致的代理成本会推高薪酬。
This study investigates whether the agency cost of corporate crime leading to executive pay is greater when monitoring and incentive alignment activities by principals is low. The results indicate that executive compensation is positively associated with the incidence of corporate crime in manager controlled firms but not in owner controlled firms. Implications for the monitoring of business activities in owner and manager controlled firms are developed.