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1、JournalofEconomicPerspectives—Volume17,Number3—Summer2003—Pages71–92ExecutiveCompensationasanAgencyProblemLucianAryeBebchukandJesseM.Friedxecutivecompensationhaslongattractedagreatdealofattentionfrom?nancialeconomists.Indeed,theincreaseinacademicpapersontheEsubjectofCEOcompensationdur
2、ingthe1990sseemstohaveoutpacedeventheremarkableincreaseinCEOpayitselfduringthisperiod(Murphy,1999).Muchresearchhasfocusedonhowexecutivecompensationschemescanhelpalleviatetheagencyprobleminpubliclytradedcompanies.Tounderstandade-quatelythelandscapeofexecutivecompensation,however,onemus
3、trecognizethatthedesignofcompensationarrangementsisalsopartlyaproductofthissameagencyproblem.AlternativeApproachestoExecutiveCompensationOurfocusinthispaperisonpubliclytradedcompanieswithoutacontrollingshareholder.Whenownershipandmanagementareseparatedinthisway,manag-ersmighthavesubst
4、antialpower.Thisrecognitiongoesback,ofcourse,toBerleandMeans(1932,p.139)whoobservedthattopcorporateexecutives,“whileinof?ce,havealmostcompletediscretioninmanagement.”SinceJensenandMeck-ling(1976),theproblemofmanagerialpoweranddiscretionhasbeenanalyzedinmodern?nanceasan“agencyproblem.”
5、Managersmayusetheirdiscretiontobene?tthemselvespersonallyinavarietyyLucianAryeBebchukistheWilliamJ.FriedmanProfessorofLaw,EconomicsandFinance,HarvardLawSchool,andResearchAssociate,NationalBureauofEconomicResearch,bothinCambridge,Massachusetts.JesseM.FriedisaProfessorofLawatBoaltHallSc
6、hoolofLaw,UniversityofCaliforniaatBerkeley,Berkeley,California.Theire-mailaddressesarebebchuk@law.havard.eduandfriedj@law.berkeley.edu,respectively.72JournalofEconomicPerspectivesofways(ShleiferandVishny,1997).Forexample,managersmayengageinempirebuilding(Jensen,1974;Williamson,196
7、4).Theymayfailtodistributeexcesscashwhenthe?rmdoesnothavepro?tableinvestmentopportunities(Jensen,1986).Managersalsomayentrenchthemselvesintheirpositions,makingitdif?culttooustthemwhentheyperformpoorly(ShleiferandVishny,1989).Anydiscussionofexecutivecompensationmustproceedagainstthebac
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