기업지배권시장에서 경영자의 인센티브제도에 관한 연구

다국어 초록 (Multilingual Abstract)

The paper compares two typical incentive schemes for managers in corporate control contests, and shows that stock based incentive schemes are prefered to fixed severance fees (golden parachutes) under asymmetric information on the size of the manager`s private benefit of control. It characterizes the type of firms that are more likely to adopt golden parachutes rather than stock based incentive schemes, and explains why an increasing number of firms have adopted golden parachutes. It also shows that the change in managers` incentive scheme can work as a signal of the synergy value of a takeover. These theoretical results are consistent with existing empirical researches.