This article surveys the recent literature on boards of directors and the interplay between director incentives and CEO incentives. The primary focus is on how the incentives and other characteristics of directors, boards, and CEOs interact to affect firm performance. The article reviews the recent evidence documenting a causal relationship between board independence and measures of firm performance. It also discusses the major limitations of the current measure of director independence. Finally, the article highlights how board independence provides strong incentives for CEOs to create firm value and examines the recent evidence on what other director characteristics improve board effectiveness.

中文翻译：

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近期有关董事会和首席执行官激励措施的证据调查

本文调查了有关董事会的最新文献以及董事激励与首席执行官激励之间的相互作用。主要重点是董事，董事会和首席执行官的激励机制和其他特征如何相互作用以影响公司绩效。本文回顾了最近的证据，这些证据记录了董事会独立性与公司绩效衡量之间的因果关系。它还讨论了当前董事独立性测度的主要局限性。最后，本文重点介绍了董事会独立性如何为CEO创造公司价值提供强大的动力，并研究了其他董事特征可以提高董事会效率的最新证据。