Un reciente art\u00edculo publicado en Forbes menciona el trabajo del prof. Nikolaos Kavadis y su coautor, el prof. Xavier Casta\u00f1er, sobre las consecuencias negativas que tiene, en t\u00e9rminos de diversificaci\u00f3n de la compa\u00f1\u00eda, de designar esquemas de retribuci\u00f3n de directivos basados en la compensaci\u00f3n por acciones cuando se abordan problemas de agencia. El trabajo de Kavadis y Casta\u00f1er fue publicado en la revista Strategic Management Journal.[Extra\u00eddo de Forbes Magazine]\u00a0\u00a0\u201cIn short, Casta\u00f1er and Kavadis\u00a0believe\u00a0that agency theory actually encourages the diversification of companies into different fields that has often proved so ruinous for shareholder value. Based on an extensive study of French companies, many with international operations, they conclude that, in Castaner\u2019s words, \u201cneither the granting of stock options to the CEO, nor the CEO\u2019s ownership of shares had a significant constraining effect on financial diversification.\u201d Rather, the variable compensation associated with moving executives from strict salaries \u201cactually leads to more financial diversification.\u201d This is because the executive sees this unpredictability of compensation as risk \u2013 to which agency theory assumes executives are averse \u2013 and compensates by trying to make revenues less volatile and so increase the chances of hitting performance targets. At the same time, executives enhance their situation by creating organizations that are bigger and more complex and so require them to be paid more to run them\u201dLea el art\u00edculo de Forbes aqu\u00ed:\u00a0http:\/\/www.forbes.com\/sites\/rogertrapp\/2016\/04\/08\/how-the-law-of-unintended-consequences-sent-executive-pay-soaring\/#176d5026f929\u00a0Lea el trabajo de investigaci\u00f3n original aqu\u00ed:\u00a0\u00a0http:\/\/onlinelibrary.wiley.com\/doi\/10.1002\/smj.2040\/<\/p>\n","protected":false},"template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}}},"class_list":["post-3327","news","type-news","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\n