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Corporate Governance (On Page 182, Book 3 of Schweser)
Hi, all.
about Explicit Managerial Incentives;
Schweser says;
Ideally, CEO compensation should be very closely related to changes in shareholder wealth.
However, a paper by Jensen and Murply(1990) found this is not the case.
Others have disputed their findings, however, by pointing out that
the result may just reflect MANAGERIAL RISK AVERSION and the fact that it takes a team of employees
to generate shareholder wealth, not just a CEO.
what does it mean “result may just reflect MANAGERIAL RISK AVERSION”??
what’s the relation between CEO compensation and “MANAGERIAL RISK AVERSION”?
anyone clarify this sentence?
thanks in advance. |
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发表于 2013-4-7 11:25
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