When Less Is More: The Benefits of Limits on Executive Pay
研究了高管薪酬限制在什么条件下能提高效率并惠及股东（而非高管），发现限制薪酬能让董事会与高管建立比绩效合同更有效的关系契约，对董事会构成和薪酬改革有启示。
We derive conditions under which limits on executive compensation can enhance efficiency and benefit shareholders (but not executives). Having its hands tied in the future allows a board of directors to credibly enter into relational contracts with executives that are more efficient than performance-contingent contracts. This has implications for the ideal composition of the board. The analysis also offers insights into the political economy of executive-compensation reform.