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Politiques de rémunération des dirigeants et investissements liés à l'innovation dans les industries de haute technologie

  • Guillaume Garnotel

    ()

    (Université d'Aix-Marseille 3)

  • Patrick Loux

    (Université d'Aix-Marseille 3)

Registered author(s):

    (VF)Cet article vise à étudier le lien entre la structure de rémunération des dirigeants des entreprises de haute technologie et leur capacité à encourager les activités d'innovation. Il souligne les limites des contrats de rémunération habituels (bonus comptable, actions et stock-options) quant à la promotion de l'innovation, et propose de lier la rémunération du dirigeant de façon explicite à des mesures opérationnelles des activités d'innovation.(VA)The purpose of this study is to investigate into the link between the structure of CEO compensation in high technology firms and innovation activities. It stresses the weakness of traditional compensation contracts based on accounting and financial indicators in relation to innovation activities, and proposes to tie CEO compensation more explicitly to operational measures of innovation activities.

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    Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

    Volume (Year): 11 (2008)
    Issue (Month): 4 (December)
    Pages: 65-85

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    Handle: RePEc:dij:revfcs:v:11:y:2008:i:q4:p:65-85
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    1. Bushman, Robert M. & Indjejikian, Raffi J. & Smith, Abbie, 1996. "CEO compensation: The role of individual performance evaluation," Journal of Accounting and Economics, Elsevier, vol. 21(2), pages 161-193, April.
    2. Josh Lerner & Julie Wulf, 2007. "Innovation and Incentives: Evidence from Corporate R&D," The Review of Economics and Statistics, MIT Press, vol. 89(4), pages 634-644, November.
    3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    4. Coles, Jeffrey L. & Daniel, Naveen D. & Naveen, Lalitha, 2006. "Managerial incentives and risk-taking," Journal of Financial Economics, Elsevier, vol. 79(2), pages 431-468, February.
    5. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    6. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October.
    7. Richard A. DeFusco & Thomas S. Zorn & Robert R. Johnson, 1991. "The Association Between Executive Stock Option Plan Changes and Managerial Decision Making," Financial Management, Financial Management Association, vol. 20(1), Spring.
    8. Holthausen, Robert W. & Larcker, David F. & Sloan, Richard G., 1995. "Business unit innovation and the structure of executive compensation," Journal of Accounting and Economics, Elsevier, vol. 19(2-3), pages 279-313, April.
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