AUTHORITY, RISK, AND PERFORMANCE INCENTIVES: EVIDENCE FROM DIVISION MANAGER POSITIONS INSIDE FIRMS*
研究发现部门经理的决策权越大，其薪酬对公司整体绩效的敏感度越高，且整体绩效相对局部绩效的重要性也更大，支持了权威与激励权衡的理论。
I show that performance incentives vary by decision‐making authority of division managers. For division managers with broader authority, i.e., those designated as corporate officers, both the sensitivity of pay to global performance measures and the relative importance of global to local measures are larger, relative to non‐officers. There is no difference in sensitivity of pay to local measures by officer status. These results support theories suggesting that authority over project selection combined with incentives designed to maximize firm performance, as well as induce effort for the division, are important in incentive design for division managers. Consistent with earlier findings, the evidence strongly supports one of the main predictions of the principal‐agent model, that is, a negative tradeoff between risk and incentives.