The impact of board governance on director compensation in West African IPO firms

被引：4
作者：
Hearn, Bruce [1 ]
机构：
[1] Univ Sussex, Sch Business Management & Econ, Jubilee Bldg, Brighton BN1 9SL, E Sussex, England
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2013年 / 28卷
关键词：
Board of directors; Institutional theory;
D O I：
10.1016/j.ribaf.2012.09.005
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper undertakes a unique study of the determinants of corporate governance in the West African developing region and their impact on director compensation. A new measure of director total remuneration is constructed providing a conservative estimate of expropriation of private benefits of control. Using a hand-collected sample of 51 West African IPO firms from 2000 to 2011 we find evidence that increased presence of true independent nonexecutives that are unconnected to CEO or dominant insider groups within firm and nominally independent board level committees are highly associated with expropriation inferring that firm's with directors engaging in this behaviour are more likely to adopt measures indicative of governance best practice. (C) 2012 Elsevier B.V. All rights reserved.
引用
收藏
页码：82 / 104
页数：23
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