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1、ContractingTheoryandAccountingRichardA.LambertTheWhartonSchoolUniversityofPennsylvaniaRevised,January,2001IwouldliketothankStanBaiman,RonaldDye,RobertMagee,MadhavRajan,RobertVerrecchia,andJeroldZimmermanfortheirusefulcomments.2ContractingTheoryandAccountingAbstract:Thispape
2、rreviewsagencytheoryanditsapplicationtoaccountingissues.Idiscusstheformulationofmodelsofincentiveproblemscausedbymoralhazardandadverseselectionproblems.Ireviewtheoreticalresearchontheroleofperformancemeasuresincompensationcontracts,andIcomparehowinformationisaggregatedforco
3、mpensationpurposesversusvaluationpurposes.Ialsoreviewtheliteratureoncommunication,includingmodelswheretherevelationprincipledoesnotapplysothatnontruthfulreportingandearningsmanagementcantakeplace.Thepaperalsodiscussescapitalallocationwithinfirms,includingtransferpricingandc
4、ostallocationproblems.CONTRACTINGTHEORYANDACCOUNTING1.Introduction1Thispaperreviewsagencytheoryanditsapplicationstoaccounting.Agencytheoryhasbeenoneofthemostimportanttheoreticalparadigmsinaccountingduringthelast20years.Theprimaryfeatureofagencytheorythathasmadeitattractivet
5、oaccountingresearchersisthatitallowsustoexplicitlyincorporateconflictsofinterest,incentiveproblems,andmechanismsforcontrollingincentiveproblemsintoourmodels.Thisisimportantbecausemuchofthemotivationforaccountingandauditinghastodowiththecontrolofincentiveproblems.Forexample,
6、thereasonweinsistonhavingan"independent"auditoristhatwedon'tbelievewecantrustmanagerstoissuetruthfulreportsontheirown.Similarly,muchofthemotivationforfocusingonobjectiveandverifiableinformationandforconservatisminfinancialreportinglieswithincentiveproblems.Atthemostfundamen
7、tallevel,agencytheoryisusedinaccountingresearchtoaddresstwoquestions:(i)howdofeaturesofinformation,accounting,andcompensationsystemsaffect(reduceormakeworse)incentiveproblems,and(ii)howdoestheexistenceofincentiveproblemsaffectthedesignandstructureofinformation,accounting,an
8、dcompensationsystems?Whileagencytheoryhasgeneratedinsightsintofinancialaccountinga
