The determinants of director remuneration in West Africa: the impact of state versus firm-level governance measures

Hearn, Bruce (2013) The determinants of director remuneration in West Africa: the impact of state versus firm-level governance measures. Emerging Markets Review, 14. pp. 11-34. ISSN 1566-0141

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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.

Item Type: Article
Keywords: IPO, Board of directors, Institutional theory, West Africa
Schools and Departments: School of Business, Management and Economics > Business and Management
Depositing User: Stacey Goldup
Date Deposited: 22 Nov 2016 14:48
Last Modified: 22 Nov 2016 14:56
URI: http://sro.sussex.ac.uk/id/eprint/65597
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