Compensating Company Executives under the Troubled Asset Relief Program

Feinberg, Kenneth R.

doi:10.1111/j.1467-8683.2011.00873.x

Cited by 1 publication

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“…Thus, external incentives are the best way to direct the members of an organization efficiently (Jensen and Meckling 1976;Fama and Jensen 1983;Jensen and Murphy 1990). While stricter regulation and rigorous standards are discussed on a governmental level, (Brenner and Schwalbach 2009;Kirkpatrick 2009;Snider 2009), companies focus on improved output control, for instance, adjusting remuneration systems to focus on the long run (Feinberg 2011;Hausmann and Bechtold-Orth 2010). However, history shows that the exclusive use of output measures may be ineffective in successfully addressing governance problems (Grant 2003;Rost and Osterloh 2009) and is likely to yield unintended effects (Keevers et al 2011).…”

Section: Multiple Orientations Of Control Versus the One-fits-all Appmentioning

confidence: 99%

How a multiple orientation of control reduces governance failures: a focus on monastic auditing

et al. 2014

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This paper considers multiple control systems at the organizational level and argues for a nuanced and multifaceted approach for internal governance. For this undertaking, we look at a little-examined control and auditing instrument, the formalized audit procedures of Roman Catholic orders. These so-called visitations are one important pillar in the monastic governance system to counter aberrations. Utilizing surveys and interviews, we examine 106 Roman Catholic religious communities in Austria, Germany and Switzerland, and connect these visitations procedures with rule violations and sexual abuse cases. We argue that communities unaffected by scandals and rule violations rely strongly on process and clan control to address inefficiency and misconduct; whereas, affected communities focus more on business issues. We caution against the trend of relying predominantly on output-based processes while suggesting a balance between different types of control systems. Furthermore, we enhance the current discourse by considering implementation procedures of control. The religious orders attach great importance to the way control measures are carried out. To steer the behavior of their members, many successful orders even complement controls with personal support and identity strengthening.

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