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1、JournalofAccountingandEconomics32(2001)3–87$ContractingtheoryandaccountingRichardA.Lambert*TheWhartonSchool,UniversityofPennsylvania,Philadelphia,PA19104-6365,USAReceived17February2000;receivedinrevisedform8January2001AbstractThispaperreviewsagencytheoryanditsapplicationtoaccountingissues.Idiscussth
2、eformulationofmodelsofincentiveproblemscausedbymoralhazardandadverseselectionproblems.Ireviewtheoreticalresearchontheroleofperformancemeasuresincompensationcontracts,andIcomparehowinformationisaggregatedforcompensa-tionpurposesversusvaluationpurposes.Ialsoreviewtheliteratureoncommunication,including
3、modelswheretherevelationprincipledoesnotapplysothatnontruthfulreportingandearningsmanagementcantakeplace.Thepaperalsodiscussescapitalallocationwithinfirms,includingtransferpricingandcostallocationproblems.r2001ElsevierScienceB.V.Allrightsreserved.JELclassification:D82;J33;L22;M41Keywords:Incentives;Pe
4、rformancemeasurement;Aggregation;Resourceallocation;Communication;Earningsmanagement1.Introduction1Thispaperreviewsagencytheoryanditsapplicationstoaccounting.Agencytheoryhasbeenoneofthemostimportanttheoreticalparadigmsin$IwouldliketothankStanBaiman,RonaldDye,RobertMagee,MadhavRajan,RobertVerrecchia,
5、andJeroldZimmermanfortheirusefulcomments.*Correspondingauthor.Tel.:+1-215-898-7782;fax:+1-215-573-5463.E-mailaddress:lambert@wharton.upenn.edu(R.A.Lambert).1SeeArrow(1985),Baiman(1982,1990),HartandHolmstrom(1986),Kreps(1990),MilgromandRoberts(1992),PrattandZeckhauser(1985),Prendergast(1999),andIndje
6、jikian(1999)forpriorreviewsofaspectsofagencytheory.0165-4101/01/$-seefrontmatterr2001ElsevierScienceB.V.Allrightsreserved.PII:S0165-4101(01)00037-44R.A.Lambert/JournalofAccountingandEconomics32(2001)3–87accountingduringthelast20years.Theprimaryfeatureofagencytheorythathasmadeitattractivetoaccounting
7、researchersisthatitallowsustoexplicitlyincorporateconflictsofinterest,incentiveproblems,andmechanismsforcontrollingincentiveproblemsintoourmodels.Thisisimportantbecausemuchofthemotivationforaccountinga
