The role of technical expertise in firm governance structure: evidence from chief financial officer contractual incentives
研究发现，当公司治理结构中存在财务专长（如董事会财务委员会或具有财务背景的CEO）时，公司对CFO的激励薪酬依赖程度较低，表明财务专家能提供更有效的监督和指导。
Abstract We provide evidence that the presence of technical expertise in firm governance structure reduces reliance on contractual incentives to control the potential agency problem for executives whose responsibilities require specialized knowledge. Specifically, we find that firms with financial expertise in the form of a board finance committee, or a chief executive officer with a financial background, tend to use lower levels of incentive‐based compensation for their chief financial officers. Our findings suggest financial experts provide stronger oversight and/or direction with regard to firm financial policies and strategies, thereby allowing firms to reduce reliance on incentive compensation. Our study provides insight into the role of technical expertise and board committees in firm governance, and into the benefits of common functional expertise within top management teams. Copyright © 2010 John Wiley & Sons, Ltd.