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The determinants of director remuneration, executive tenure and individual executive disclosure in North African IPO firms
journal contribution
posted on 2023-06-08, 11:01 authored by Bruce HearnThis paper examines the impact of board governance mechanisms, namely board size, independence ratio, opacity of earnings disclosure, and ratio of genuinely independent nonexecutive directors to total board size on director remuneration, executive tenure and likelihood of individual executive salary disclosure in a unique and comprehensive sample of 69 North African IPO firms. I find evidence of the enhanced governance role of true independent nonexecutives in family as opposed to non-family firms in improving disclosure of individual salaries and moderating lengths of executive tenure. However while their role is only significant in the context of family firms the evidence suggests that their presence is associated with higher levels of remuneration. The evidence also ascribes a greater role for business angel as opposed to more formal private equity financing which is more applicable within the highly social networked economy of the Maghreb region.
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Publication status
- Published
File Version
- Published version
Journal
Research in International Business and FinanceISSN
0275-5319Publisher
ElsevierExternal DOI
Issue
1Volume
27Page range
162-182Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-04-24First Compliant Deposit (FCD) Date
2012-02-24Usage metrics
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