Academy of Management Journal · 1987 · 230 citations · 28 references
ManagementCorporate GovernanceAgency TheoryCorporate FinanceExecutive CompensationBoard CompositionBoard GovernanceBoard OversightBoard ResponsibilitiesBoard RolesBoard StructureAgency Cost TheoryBoard CharacteristicsCompensation Decisions By BoardsExecutive Compensation Decisions
According to the corporate governance process and agency theory, boards of directors should reward executives on the basis of financial returns to shareholders. Studies of this issue have been inco...
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The Pricing of Options and Corporate Liabilities
Fischer Black, Myron S. Scholes · Journal of Political Economy · 1973 · 29.4K citations
Agency Problems and the Theory of the Firm
Eugene F. Fama · Journal of Political Economy · 1980 · 10.6K citations