Agency Theory Revisited: CEO Return and Shareholder Interest Alignment
重新定义并测量了CEO与股东之间的财务利益一致性，发现其程度高于以往研究，且这种一致性与后续公司绩效相关，但关系复杂。
Agency theory suggests that managerial mischief may occur when the interests of owners and managers diverge and that a solution to this agency problem is alignment of owner and agent interests through agent compensation and equity ownership. We develop the theoretical concept of CEO return and measure and estimate financial alignment as the relationship between CEO and shareholder returns. Our results, based on this new conceptualization and corresponding measurement, suggest stronger alignment than reported in previous work. The magnitude of this alignment is associated with subsequent firm performance, but in ways not clearly articulated or tested in prior research.