North Africa External INSTITUTIONS Salary and Disclosure BH.pdf (599.82 kB)
Institutional impact on the expropriation of private benefits of control in North Africa
journal contribution
posted on 2023-06-08, 23:39 authored by Bruce HearnThis paper examines the effectiveness of six institutional quality measures, namely corruption control, effective government, political stability, regulatory quality, rule of law and voice and accountability, in inhibiting self-rewarding behaviour of boards in terms of their compensation as well as in influencing the likelihood of disclosure of individual executive salaries in IPO listings prospectuses. Using a unique and comprehensive dataset of 78 hand-collected IPO firms from across North Africa from 2000 to 2012 I find substantial evidence that government effectiveness and corruption control are important in inhibiting director self-reward and expropriation while political stability is more associated with increased likelihood of transparency in reporting of salaries. In addition firms from poor informational environments are more likely to initiate enhanced self-governance and transparency so as to overcome institutional deficiencies.
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Publication status
- Published
File Version
- Accepted version
Journal
Research in International Business and FinanceISSN
0275-5319Publisher
ElsevierExternal DOI
Issue
1Volume
30Page range
1-23Department affiliated with
- Business and Management Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2015-12-04First Open Access (FOA) Date
2016-10-26First Compliant Deposit (FCD) Date
2016-10-26Usage metrics
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