Mergers, executive compensation and firm performance: The case of Africa

被引：9
作者：
Amewu, Godfred [1 ]
Paul Alagidede, Imhotep [2 ]
机构：
[1] Ghana Inst Management & Publ Adm GIMPA, Sch Business, POB AH 50, Achimota, Accra, Ghana
[2] Univ Witwatersrand, Business Sch, Johannesburg, South Africa
来源：
MANAGERIAL AND DECISION ECONOMICS | 2021年 / 42卷 / 02期
关键词：
CROSS-BORDER MERGERS; CORPORATE-GOVERNANCE; COMPANY PERFORMANCE; CEO COMPENSATION; ACQUISITIONS; IMPACT; DIVERSIFICATION; INCENTIVES; PAY; REMUNERATION;
D O I：
10.1002/mde.3244
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study examines the impact of executive compensation on firm performance after successful mergers and acquisitions (M&A) in Africa between 2005 and 2016. Using accounting and financial performance measures and controlling for firm, deal and corporate governance factors, we show that executive compensation induced by M&A in Africa negatively affect the performance of listed firms. There is also evidence to support the impact of firm size, deal size, target destination, foreign ownership, diversification, outside board representation and executive ownership on the pay-performance nexus. Besides, corporate governance factors in Africa, generally, worsen firm performance, especially for cash and total pay.
引用
收藏
页码：407 / 436
页数：30
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