My research examines the internal governance of senior managers. Internal governance—which refers to organizational structure, the allocation of decision rights, and incentives—fundamentally shapes how strategy is developed and executed, how firms address coordination problems, and whether managers’ decisions enhance firm value. My research addresses two related questions. First, how has the internal governance of senior management in large US firms evolved over the past two decades, with what implications for decision-making? Second, how do internal governance choices interact to motivate senior management to create long-term value for the firm?