The instrument or tool in a pay mix is only questionable if it has enabled significant pay levels
just before a company’s failure. The focus from the public has been totally oriented towards
the level of compensation. Agency Theory suggests the use of equity compensation schemes
to align the interest of managers to those of the owners (Blasi et al., 2003)4
. However, recent
years have shown that options tempt executives to manipulate the books in order to obtain