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1、外文文献原文TheDiffusionofEquityIncentivePlansinItalianListedCompanies1.INTRODUCTIONPaststudieshavebroughttolightthedissimilaritiesinthepaypackagesofmanagersinAnglo-Saxoncountriesascomparedwithothernations(e.g.,Bebchuk,FriedandWalker,2002;CheffinsandThomas,2004;Zattoni,2007).IntheUKand,
2、aboveallintheUS,remunerationencompassesavarietyofcomponents,andshortandlongtermvariablepaycarriesmoreweightthanelsewhere(ConyonandMurphy,2000).Inothercountries,however,fixedwageshavealwaysbeenthemainingredientintopmanagers’payschemes.Overtime,variableshort-termpayhasbecomemoresub
3、stantialandtheimpactoffringebenefitshasgraduallygrown.Notwithstanding,incentiveslinkedtoreachingmediumtolong-termcompanygoalshaveneverbeenwidelyused(TowersPerrin,2000).Inrecentyears,however,paypackagesofmanagershaveundergoneanappreciablechangeasvariablepayhasincreasedconsiderably
4、,evenoutsidetheUSandtheUK.Inparticular,managersinmostcountrieshaveexperiencedanincreaseinthevariablepayrelatedtolong-termgoals.Withinthecontextofthisgeneraltrendtowardmediumandlong-termincentives,thereisapronouncedtendencytoadoptplansinvolvingstocksorstockoptions(TowersPerrin,200
5、0;2005).Thedriversofthediffusionoflongtermincentiveplansseemtobesomerecentchangesintheinstitutionalandmarketenvironmentatthelocalandgloballevels.ParticularlyimportanttriggersoftheconvergencetowardtheUSpayparadigmarebothmarketorienteddrivers,suchastheevolvingshareownershippatterns
6、ortheinternationalizationofthelabormarket,andlaw-orienteddrivers,suchascorporateortaxregulation(CheffinsandThomas,2004).Drivenbythesechangesintheinstitutionalandmarketenvironment,weobserveaglobaltrendtowardthe“Americanizationofinternationalpaypractices,”characterizedbyhighincentiv
7、esandverylucrativecompensationmechanisms(e.g.,Cheffins,2003;CheffinsandThomas,2004).Ironically,thespreadoftheUSpayparadigmaroundtheworldhappenswhenitishotlydebatedathome.Inparticular,thecriticsareconcernedwithboththelevelofexecutivecompensationpackagesandtheuseofequityincentiveplan
8、s(CheffinsandThomas,2004).Criticsstressed
