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1、外文資料翻譯外文資料翻譯—英文原文英文原文CEOCompensationChangeCpateStrategyWehavecreatedacultofleadershipthatfarexceedsanythingthatexisteddecadesago.WhatwearegettingnowverydangerouslyiswhatIcalladramaticstyleofmanagingthegreatmergerthegreat

2、downsizingthemassivebrilliantnewstrategy.Sowegetallthesemassivemergersfirebrimstonedramabecauseyoucan’tsaytothestockanalysts“we’regettingourlogisticsallstraightenedoutwe’regoingtobemuchmeefficientatthroughputtothecustome

3、r.”Theystarttoyawn.(Mintzberg2000)Theproblemsresultingfromseparationofownershipcontrolhavelongbeenrecognizedinthecpategovernancecpatefinanceliterature(Seee.g.BerleMeans(1932)Jensen(1986)Hart(1995)ShleiferVishny(1997)).Mi

4、ntzberg’sanalysisofthecultofleadershiphasthreeelements:(i)companiesneedtochangeadapt(ii)theCEOratherthantheshareholdershaspowertodecideonthedirectionofchange(thestrategy)(iii)theCEOmaynottheoptimalkindofchange(fsharehold

5、ervalue)itmaybeoverlydramatic.Inthispaperwestudythisideafromtheperspectiveofthecpategovernanceliteraturethatisusingagencythey.Notethatmuchofthisliteraturehasusedanincompletecontractingapproach(Hart1995)eachofthethreeelem

6、entsinMintzberg’sargumentsuggestscontractualincompleteness.Thisistheapproachwetakehere.Stardagencytheytakesasgiventheexistenceofanincentiveproblem.Theprincipalagentagreeona(constrained)optimalcontractthentheagentgoestowk

7、ontheproblem.OnefeatureofCEOcompensationthatisclearlydifferentfromthisstardagencymodelisthefactthatthecontractisadjustedovertimetoreflecttheevolutionofthefirm’sperfmanceitsstrategicdirection.Thereisanannualpaysettingroun

8、datwhichoptionsincentiveplansarerenegotiated.Alsosinceheshecaninfluencethefirm’sstrategytheCEOmaybeabletoinfluencethecompensationcontract:Adramaticmergerrestructuringofthewholebusinesscanleadtolargeroptionsgrants.Therear

9、emanyexamplesinrecentcpatehistyinwhichradicalcpatechangewenthinhwithhighexecutivecompensationoptionsgrants:CocaColaunderRobertoGoizuetatheDaimlerChryslermergerGEunderJackWelchChrisGenttheVodafoneMannesmanntakeovertheGlax

10、oWellcomeSmithKline外文資料翻譯外文資料翻譯—英文原文英文原文the1970s(WestonSiuJohnson2001).Meoverinpreviousdecadesmergertargetsweretypicallyabout10%ofthesizeoftheacquirersbutinthe1990sitbecamecommonfcompaniestoacquiretargetsalmostaslargeass

11、ometimesevenlargerthanthemselves(AOLTimeWarnerVodafoneMannesmannfexample).Thebasicoutlineofourmodelisasfollows.Weassumeshareholdersareabletosetcompensationoptimally(subjecttoincentivecompatibilityconstraints)butthattopma

12、nagementhastheadvantageoffmulatingstrategy.AftertheCEOhaschosenastrategyincentivesaresetadjustedbefetheCEOproceedstoimplementationofthechosenstrategy.TheCEO’sabilitytofmulatestrategyispartofhisjobsothisisanaturalassumpti

13、on.Weuseasettingwithincompletecontractibilitylimitedliabilityfthemanagerwhichleadstoanoptionlikecontract(rewardfsuccessnopenaltyffailure)conditionedonfirmvalue.WeassumethatchangerequiressubstantialefftfromtheCEOattheimpl

14、ementationstagewhilebusinessasusualrequiresmuchless.HencetherewardfsuccessmustinducetheCEOtoputinenougheffttoimplementchangenotonlyincomparisontothealternativeofnoefftbutalsoincomparisontothealternativetaskofmaintainingt

15、hestatusquo.Sinceimplementationofagivenstrategyisnoncontractibleweshowthatthelatterconstraintisthebindingone.Alsothemepersonallydemingthealternativeshefindstothestatusquothehigherishissurplus.Bychoosingataskwhosesuccessi

16、shighlydependentonhisownperfmancetheCEOisabletoextracthighersurplusfromhisshareholders.Weconcludethathighpoweredincentivescanencourageoverlydramaticstrategies.AnticipatingthisproblemwhatcouldshareholdersdotomitigateitIft

17、heyareconcernedthattheCEO’sincentivesarenotwellalignedwiththeirowntheycouldsimplygivehimenoughoptionsequityattheoutsettheconflictswoulddisappear.InotherwdsiftheyarewriedthatcpatestrategymaybedisttedbytheCEOsoastoextractl

18、argerincentivepackagesofequityoptionstheycouldsimplyhoverthelargepackageattheoutset.Weshowthatinveryunstableenvironmentsacterizedbyahighlikelihoodofchange(particularlydramaticchange)exantecontractingmightbeoptimalfshareh

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