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1、外文资料翻译—英文原文CEOCompensation,Change,andCorporateStrategyWehavecreatedacultofleadershipthatfarexceedsanythingthatexisteddecadesago.Whatwearegettingnow,verydangerously,iswhatIcalladramaticstyleofmanaging;thegreatmerger,thegreatdownsizing,themassivebrilliantnewstrategy
2、.Sowegetallthesemassivemergers,fire,brimstoneanddrama,becauseyoucan’tsaytothestockanalysts,“we’regettingourlogisticsallstraightenedout,we’regoingtobemuchmoreefficientatthroughputtothecustomer.”Theystarttoyawn.(Mintzberg,2000)Theproblemsresultingfromseparationofown
3、ershipandcontrolhavelongbeenrecognizedinthecorporategovernanceandcorporatefinanceliterature(See,e.g.,BerleandMeans(1932),Jensen(1986),Hart(1995),ShleiferandVishny(1997)).Mintzberg’sanalysisofthecultofleadershiphasthreeelements:(i)companiesneedtochangeandadapt;(ii)
4、theCEO,ratherthantheshareholders,haspowertodecideonthedirectionofchange(thestrategy);and,(iii)theCEOmaynotselecttheoptimalkindofchange(forshareholdervalue)-itmaybeoverlydramatic.Inthispaper,westudythisideafromtheperspectiveofthecorporategovernanceliterature,thatis
5、,usingagencytheory.Notethatmuchofthisliteraturehasusedanincompletecontractingapproach(Hart,1995),andeachofthethreeelementsinMintzberg’sargumentsuggestscontractualincompleteness.Thisistheapproachwetakehere.Standardagencytheorytakesasgiventheexistenceofanincentivepr
6、oblem.Theprincipalandagentagreeona(constrained)optimalcontract,andthentheagentgoestoworkontheproblem.OnefeatureofCEOcompensationthatisclearlydifferentfromthisstandardagencymodelisthefactthatthecontractisadjustedovertimetoreflecttheevolutionofthefirm’sperformancean
7、ditsstrategicdirection.Thereisanannualpay-settingroundatwhichoptionsandincentiveplansarerenegotiated.Also,sinceheorshecaninfluencethefirm’sstrategy,theCEOmaybeabletoinfluencethecompensationcontract:Adramaticmerger,orrestructuringofthewholebusiness,canleadtolargero
8、ptionsgrants.Therearemanyexamplesinrecentcorporatehistoryinwhichradicalcorporatechangewenthand-in-handwithhighexecutivecompensationandoptionsgrants:Coca
