Institutional Investors and Executive Compensation
研究发现机构持股集中度与高管薪酬的业绩敏感性正相关，与薪酬水平负相关，表明机构投资者通过监督缓解了股东与经理人之间的代理问题。
Abstract We find that institutional ownership concentration is positively related to the pay‐for‐performance sensitivity of executive compensation and negatively related to the level of compensation, even after controlling for firm size, industry, investment opportunities, and performance. These results suggest that the institutions serve a monitoring role in mitigating the agency problem between shareholders and managers. Additionally, we find that clientele effects exist among institutions for firms with certain compensation structures, suggesting that institutions also influence compensation structures through their preferences.