2018 the American Accounting Association Annual Meeting에서 "CEOs’ Debt-Based Compensation and CSR. Its effect on Risk and Performance"의 제목으로 Andres Guiral 교수의 논문이 발표되었다.
We bridge the debt based compensation discourse with stakeholder agency literature to explore the consequences of debt relative to equity based pay for multiple stakeholders, including employees, community, customer, debtholders and shareholders. We argue contractual mechanisms that create long-term debt obligations to the CEO result in better outcomes for multiple stakeholders. Also, such outcome favors the reduction of risks and the improvements in long-term performance, particularly in situations of financial distress. This suggests that inside debt deserves more attention from governance scholars and boards who are attempting to incentivize a longer-term multi-stakeholder orientation.
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