Trends in Corporate Governance
从理论角度探讨公司治理中的几个趋势是否相互关联，发现董事会更勤勉会促使更多外部CEO上任、CEO任期缩短、CEO更努力且减少奢侈消费、以及CEO薪酬提高，并预测外部聘用的CEO平均任期比内部提拔的更短。
ABSTRACT The popular press and scholarly studies have noted a number of trends in corporate governance. This article addresses, from a theoretical perspective, whether these trends are linked. And, if so, how? The article finds that a trend toward greater board diligence will lead, sometimes through subtle or indirect mechanisms, to trends toward more external candidates becoming CEO, shorter tenures for CEOs, more effort/less perquisite consumption by CEOs (even though such behavior is not directly monitored), and greater CEO compensation. An additional prediction is that, under plausible conditions, externally hired CEOs should have shorter tenures, on average, than internally hired CEOs.