The determinants of director remuneration in West Africa: The impact of state versus firm-level governance measures
The determinants of director remuneration in West Africa: The impact of state versus firm-level governance measures
This paper contrasts firm-level as opposed to state-level governance on directors self-rewarding behaviour in West Africa. Director self-reward or compensation is measured through fixed base salary as well as total remuneration which provides a conservative estimate of the full private benefits of control of directors. Using a unique hand-collected sample of 56 IPO firms from across West Africa from 2000 to 2012, I find that larger board sizes have less effective governance mechanisms while enhanced expropriation of private benefits of control is closely associated with lower government promotion of private sector policies, media and analyst freedom and corruption control.
Board of Directors, Institutional theory, IPO, West Africa
11-34
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
March 2013
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
Hearn, Bruce
(2013)
The determinants of director remuneration in West Africa: The impact of state versus firm-level governance measures.
Emerging Markets Review, 14 (1), .
(doi:10.1016/j.ememar.2012.11.004).
Abstract
This paper contrasts firm-level as opposed to state-level governance on directors self-rewarding behaviour in West Africa. Director self-reward or compensation is measured through fixed base salary as well as total remuneration which provides a conservative estimate of the full private benefits of control of directors. Using a unique hand-collected sample of 56 IPO firms from across West Africa from 2000 to 2012, I find that larger board sizes have less effective governance mechanisms while enhanced expropriation of private benefits of control is closely associated with lower government promotion of private sector policies, media and analyst freedom and corruption control.
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Accepted/In Press date: 27 November 2012
e-pub ahead of print date: 7 December 2012
Published date: March 2013
Keywords:
Board of Directors, Institutional theory, IPO, West Africa
Identifiers
Local EPrints ID: 423336
URI: http://eprints.soton.ac.uk/id/eprint/423336
ISSN: 1566-0141
PURE UUID: 58d16f7c-27aa-43e0-afce-179aa9b82c40
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Date deposited: 20 Sep 2018 16:30
Last modified: 16 Mar 2024 04:37
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