We show that the top management incentives vary responsibility. The board pay-performance incentives, supervision, $ 1.

22 per thousand dollar increase in shareholder wealth higher than for heads of department managers. For CEOs, incentives are $ 5.65 higher than for heads of department managers. There are clear incentives for middle managers top $ 32.32. CEOs make 42-58 percent of the total demand for staff incentives. One of the executives, the pay-performance sensitivity of a positive and increasing accuracy and performance of dividend-performance sensitivity of the company before the accuracy of the head of power. The results of the principal-agent models with multiple signals of managerial effort.

The recognition that different incentives job classification is important for two reasons. First, a key to understanding the internal organization of the alignment of incentives and responsibilities between the management team.