Question: To what extent do (i) Security market forces and (ii) Managerial labour market forces operate to motivate managers to work hard that is, to operate

To what extent do
(i) Security market forces and
(ii) Managerial labour market forces operate to motivate managers to work hard— that is, to operate their firms in the best interests of the shareholders? Do these forces eliminate the need for incentive compensation contracts? Explain.

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